This wedge pattern is an alternate scenario that is also very possible!
Now we have to think about how we can play this. The setup you can see in the chart is one way to do it: Wait for a break of $6,427 to the downside, enter a short position and set your stop slightly above! The target you can see in the shown setup is very conservative. You can also just drag your stop behind to allow for the market to potentially give you more profit.
Right now there still is the possibility that we have c wave left, so I would not enter yet! Once we break the low of blue A we are in the clear though (for a short). If, in fact, there is the red C wave still on the way, I will wait till it has completed five waves to then enter a short!
Let's see where the next hours take us!
I hope this was helpful! Take care!
