INTU STRUCTURE KEY LEVEL ANALYSIS| SHORT BIAS

INTU chart has reached a key structure zone on the daily chart. It was climbing in the uptrend since the selloff and did more than 50% retracement.

I am bearish for the following reasons:

1- high S&P500 correlation. All major stocks are now trading more or less with the market, and I am bearish on SPY on the fundamental basis.

2-The structure level is strong and pronounced. I bet the longs that were there from the bottom/that are left will start closing should the stock break the uptrend support, which I think will happen. The short sellers are already here.
And yes yes, I know, don't trade against the FED, and that is true, but the market is too high anyway.

3-the reasonable continuation of the wave behavior pattern.


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Wish you all luck in your trading.