Potential Short opportunity
- - Lower high on falling trendline lower high relative to December 1st 17 high
- Test of trendline is overbought daily Stochastic (14,3,3) confluent with 6th december 17 low (green eclipse) turning resistance with double top, also corresponding with 618% retrace from previous swing high
- ABC correction seemingly complete
- Thursday candle formed shooting star with Friday candle closing higher albeit inside thursday candle - consolidative, breakout pending
- 4HR candle breakdown of Friday: At triangle resistance we saw Tweezer top, spinning top, hanging man followed with a bearish closing candle for the week. On monday price continued to consolidate with a further shooting star, testing triangle resistance and another shooting star forming LH on tops - BEARISH risks considerable! Price then broke down towards triangle support
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280 pips trade closed