Trade what we see:
On the daily timeframe, there was a lovely break to the downside that attracted a lot of seller.
We have broken several months of buying with a decent break lower.
The trend line meets up with some previous buying/selling action, so I am waiting for a break lower and then adding to the short bias.
Targets again drive by Fib levels.
Stop is above the recent high but does not have the protection of the 23.6% retracement level.
On the daily timeframe, there was a lovely break to the downside that attracted a lot of seller.
We have broken several months of buying with a decent break lower.
The trend line meets up with some previous buying/selling action, so I am waiting for a break lower and then adding to the short bias.
Targets again drive by Fib levels.
Stop is above the recent high but does not have the protection of the 23.6% retracement level.