Hi there, It is breaking watch for continuation. Close above the previous high will invalidate the short term sell idea.
We were looking short last time as well But anticipating one more bullish wave before breakdown but we got the breakdown before having bullish wave. So one more bullish wave is also possible with in this pattern. As long as price will stay below the previous impulse it will remain bearish so close above will change the setup. Make sure your stop should be above the impulse.
One more wave was possible there. It is still bearish pattern formation.
Agreed. This is where I am as well. I am holding short, the RR is looking good ,my concern is in the retail sentiment, the number of traders net long is dropping and net shorts are climbing abit... usually a move up would follow this. So i will close shop on this trade at yesterdays high.
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