Why I am Shorting Here
The Current Wave Structure is clearly Corrective which leads me to believe that we are in a Flat correction of wave 4 and have not yet started wave 5 up. I am expecting a retracement to around 6312 which could wick down as low as 6270 at this point before any continued upward price movement for wave 5 around 66xx. This would complete the A wave up then retrace again for the B. Volume for this current wave up has been dismal and decreasing while price has been increasing which is clearly a bearish sign. We are also seeing a bearish cross of the MA's on the Hour TF which should overflow into the higher TF's. OBV has made a HH while price is at a LH at the moment on the 4 HR TF. Short strategy at this point would be to go in at 6540 to 6545 if we get there with a tight stop at 6567.
The Current Wave Structure is clearly Corrective which leads me to believe that we are in a Flat correction of wave 4 and have not yet started wave 5 up. I am expecting a retracement to around 6312 which could wick down as low as 6270 at this point before any continued upward price movement for wave 5 around 66xx. This would complete the A wave up then retrace again for the B. Volume for this current wave up has been dismal and decreasing while price has been increasing which is clearly a bearish sign. We are also seeing a bearish cross of the MA's on the Hour TF which should overflow into the higher TF's. OBV has made a HH while price is at a LH at the moment on the 4 HR TF. Short strategy at this point would be to go in at 6540 to 6545 if we get there with a tight stop at 6567.