So, the market has been corrective towards bullish, but was then rejected with a strong bearish momentum.
We also can see that 5 waves were completed within the the corrective channel and significant rejections were also formed near the resistance. Thus, bringing us potentials to short day trades on the ABC correction the support.
However, we still need a bearish break at the ascending trendline for further downside movements
Invalidation for the setup would be a bullish break at the current resistance level near the 5th wave.
We also can see that 5 waves were completed within the the corrective channel and significant rejections were also formed near the resistance. Thus, bringing us potentials to short day trades on the ABC correction the support.
However, we still need a bearish break at the ascending trendline for further downside movements
Invalidation for the setup would be a bullish break at the current resistance level near the 5th wave.
Trade closed: target reached
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.
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.