From the count of ones and twos in series, and a lesser number of threes and fours, this wave count suggests another drop is coming. In addition to the EW count, we have a nice bearish bat complete at near the invalidation level, meaning YES! High R/R potential. If the count is invalidated I will update with a correction. SL is placed above the invalidation level.
Trade active
It appears our downtrend has begun! SL placed above recent highs:Trade closed: stop reached
Looks like we have a deeper correction and more sideways movement. Here's a short opportunity toward the middle of this correction. I'm currently short from cypher level:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.