The TL of the last leg has been broken by a 5-wave impulse, to which a corrective structure is now developing as a response. Stoch crossover happened with a bearish divergence. The monthly and the weekly charts show downside action. It seems then this is the optimal time to go short.
I have been stopped out at the breakeven point. I am looking for a re-entry opportunity. Here's how I see it now:
I need my margin in other trades so I couldn't risk more than 1% for this trade. Normally, I try to keep 50% of my margin free all the time. So let's stick to the rules!