The over-all trend is down, so I wouldn't take this counter-trend trade, but looks like we're going to get a pretty nice spot to add a short if this plays out. It's either this or a sideways movement before continuing down
Complex correction pattern.
Entry: 183.5-186
Stop Loss: 178.6
TARGETS
Targets 1: 199
Target 2: 204
Then look for deceleration and rejection candles. If there is a signs of a sell off, take it short and hold onto your short while moving your stoploss behind each Major broken resistance. May have targets for this later, after it proves itself
3-3-3-3-3 Triangle correction
Length of DE = .618 the length of BC
Into an area of heavy resistance.
Wyckoff Re-accumulation structure, with some distribution at the highs.
Sometimes you gotta go up before you continue down
Why do I think so:
Point B was a .618 retracement of A.
At point C, after the first green candle out it retraced by .786. .786 retracement typical targets are XXX, XXX, and XXX
The XXX target stated earlier sits right at the . 618 retracement of B-C
The overthrow of E in the triangle would drop it right down to where the gap is.
Coincidentally... if CD...
Why do I think so:
Point B was a .618 retracement of A.
At point C, after the first green candle out it retraced by .786. .786 retracement typical targets are XXX, XXX, and XXX
The XXX target stated earlier sits right at the .618 retracement of B-C
The overthrow of E in the triangle would drop it right down to where the gap is.
Coincidentally... if CD...
