But, a good right shoulder below left shoulders, at fibonacci 50 retracement inside channel down and with flat neck line is a good pattern in general.
to setup short with this pattern, we can set stoploss at 1.1983.
why that level? because its :
1. above left and right shoulders
2. outside channel down
3. above 618 .
and if that level broke up, this pattern invalid, channel down invalid and fibonacci invalid too.
For target, we have 3 target here :
1. 136 pips neckline at 1.1667 (to avoid new rejection from neckline support)
2. 214 pips at -0.168 AKA 1.272 at 1.1598. (this level will retest neckline)
3. 568 pips target at 1.1238 as Projection
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