In the last short term chart we were successful in taking short which didn't reach the 1st target level but came close.
However, since then, it has bounced strongly in abc in what appears to be wave 4 retracement. The today's gap up open could set the scene for excellent short entry with tight stoploss.
Downside target could be at least retest of the last low or lower still with:
1. Price back into and in the vicinity of iv of one lower degree typical for wave 4.
2. appears to be setting up equal or higher high and price lower high, hence hidden negative divergence.
3. The 1st Target level still remains to be 0.7450 area
4. 2nd Target 0.7250 -0.7150
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, constructive comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
You could be right though. Will have to see. how it develops.
When things aren't 100% clear, I prefer to wait for more development before tossing labels in there.
We might see a new move up from here if this is an expanded flat or an expanding diagonal, so result is pretty much the same.
Wait for confirmation to short... :)
However, if that changes then some other alternative could develop along the line you are suggesting.
So I will for this with interest. For now I am short with stop at break even.
Thanks for sharing.
In addition the usual Money Management in terms of position sizing etc should be kept in mind. Hope this helps.