15min rsi divergence @ 6800 Resistance

Easy 2% Scalp at 6800. 15 min rsi divergence in overbought conditions on the 3rd wave in my count. Minimum retracement Down to .382 fib @ 6650 then back up to 6950-7000 range where i expect another rsi divergence on a higher time frame. Most likely the hourly. That would complete the 5 waves with a high time frame divergence to signal another short scalp opportunity over 3%.

Comment:

looks like i was a bit early. We ended up pushing for the 6800 break to 6822 and got rejected for the bull trap. First Target is still .382 at around 6665.

Trade closed: target reached:

Took profits at 6650 on the way down, Bears tried to push down past 6600 to 5888 and got a similar rejection to the one we saw at 6822.

Still expecting a steady incline and a break to the upside from these fib levels as long as the 55 ema holds. IF that fails to hold it would invalidate my wave count.

I am now long from 6650 for another 2.5% scalp, hard stop at 6599. I always believe that if you're a seller you should also be a buyer ;). First target is 5850 right at our massive descending trend line and what could potentially be a double top sending us down to retest our ascending trend line at 6325.

Comment:

First target is 6850 not 5850 lol, my bad.

Trade closed: stop reached:

Wave 3 looks to be invalidated, exiting. Hope some of you were able to capitalize on the original play :) happy trading.

Comment:

My new count is this whole structure is a wave 1 and what i thought was wave 3 was the ending 5th sub wave. In this count we have possibly already completed what looks to be an abc correction and are currently in sub wave 2 of the larger wave 3. That would give us a Massive target for wave 3 between 7400-7500. I will be buying on a break above 6850.