Take a short position
price has been bound between the converging trendlines, forming the falling wedge. Taking in consideration the Elliot wave theory, has been forming the A-E corrective triangle formation.Ill be expecting price to move to the upside with considerable bullish momentum after a move to the downside, towards the lower part of the falling wedge.
Note
if price breaks to the upside then my trade would be invalidated, but I'm prepared for that.
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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.