According to the C.M.F (Money Flow) indicator there appears to be another bullish divergence forming at the top of this triangle pattern. If you look at two of the previous divergence patterns you will see that the price quickly fell off as the C.M.F continued to decline. I am currently flat waiting for another long entry around Wave E on the chart. If I were setup to go short I would be placing my short entry soon with a healthy stop above the triangle to avoid being taken out by a temporary pin through of the upper triangle line that fails to break higher. The risk / reward ratio on that trade would be ideal. Very little loss if stopped out and the potential for a large gain as the price heads toward the bottom of the triangle again. Of course this is just speculation and I am simply posting this idea to see if it plays out as the chart would indicate.
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Opps! I absolutely meant BEARISH Divergence not Bullish. The price has been going up but the money flow is declining.
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If you took the short entry you're looking pretty good right now.....
Just to clarify, you mean bearish divergence? That is what I have on my 4H chart at the moment...thanks.