I count a larger WXY pattern within a channel. Should be last move down into support near lower channel line. There's a Fib confluence from the triple top highs near 41 at 37.68 as a target. Yields a 2.5:1 reward.
Short trade trigger below the small triangle ascending trendline near 39.68.
It's usually poor EW trading to use the e wave or c wave highs as a stop level. Stops are supposed to go behind the a wave highs. But in this case I will use the e wave highs as I don't want to see a symmetrical rally up near 41.50 as an A-triangle B-C pattern (alternate count) and want to stop out below 40.50 if I'm wrong. I'll consider reloading short again near 41.50 if the alternate count comes true after trigger.
RSI is holding below Bearish oscillation zone and nothing overly bullish looking.
Short trade trigger below the small triangle ascending trendline near 39.68.
It's usually poor EW trading to use the e wave or c wave highs as a stop level. Stops are supposed to go behind the a wave highs. But in this case I will use the e wave highs as I don't want to see a symmetrical rally up near 41.50 as an A-triangle B-C pattern (alternate count) and want to stop out below 40.50 if I'm wrong. I'll consider reloading short again near 41.50 if the alternate count comes true after trigger.
RSI is holding below Bearish oscillation zone and nothing overly bullish looking.
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