Found by the BB% being below 0 as well as coppock showing high enough volitility with rsi < 20 and Stochastics cross below the 20 mark as well, it is also on a strong Support lvl using 2;1 RR
Close to meeting all conditions into the short, not completely there yet, I'm expecting either a ranging position for a bit or a movement upward before dropping.
SL is set very high because of the stop in downward movement combined with the resistance that is set at that level, we could see a potential retracement as the RSI is already down to 59 giving it room to move back up, However the Stochastic and CP are very ready for a short.
Textbook Butterfly, met all fib zones nicely lining up with the 38.2 means that the tp will be at 1.618 of XA, that is where the PRZ is located. We are looking at Long term short but short term long. I will put the trade as neutral for this reason.
Long term this will be short, we can see in the past there was a formation of a DTop, The Butterfly pattern is textbook and lines up nicely with the Fibs. We can expect an uptrend to test the resistance I have marked on the chart before dropping.
Short on daily met criteria, 61.8 on both the large movement and the smaller movement. Was recently overbought and now we can see that it is slowing down, this combined with a doji or a tail would confirm an entry.
