Having fallen through the 440/445 support area and the long dated upper slopping trendline which is the blue line piercing through the chart, price quickly retraced back above 440 where it found resistance at the 38.6% retracement level + Daily Pivot + 50Dsma which is the red line seen in the chart.
Finding it difficult to hold this pivot is bearish enough without looking much further, I was however hoping to pile on the shorts closer to the 61.8% + R1 pivot so I sit patiently waiting for more clarity.
I have taken 50% off from my short when price double bottomed on the 4hr and showed bullish divergence on the hourly near 433.
The blue line next to the S1 Pivot is the 100Dsma so I am setting my eyes on this to cover another 50% or cover the entire position if I cannot poach any more shorts higher above.
One strategy would be to enter at market if price closes on the Daily chart below the current Daily Pivot with a tight stop above around 445 but this would need to be done after the Daily closes as it is still too early and price could rally to my intended short area at the 61.8%.
On the bullish side I really don't have one so I'm not interested to entertain one since price is now making lower highs and lower lows but I do have stops above 460 "just in case".
Good Luck
Finding it difficult to hold this pivot is bearish enough without looking much further, I was however hoping to pile on the shorts closer to the 61.8% + R1 pivot so I sit patiently waiting for more clarity.
I have taken 50% off from my short when price double bottomed on the 4hr and showed bullish divergence on the hourly near 433.
The blue line next to the S1 Pivot is the 100Dsma so I am setting my eyes on this to cover another 50% or cover the entire position if I cannot poach any more shorts higher above.
One strategy would be to enter at market if price closes on the Daily chart below the current Daily Pivot with a tight stop above around 445 but this would need to be done after the Daily closes as it is still too early and price could rally to my intended short area at the 61.8%.
On the bullish side I really don't have one so I'm not interested to entertain one since price is now making lower highs and lower lows but I do have stops above 460 "just in case".
Good Luck
What we need to see now is price continue down with conviction and volume to avoid creating a double bottom "W" pattern or show strength to the upside for a possible retest of the highs, at the moment I remain alert for volatility to pick up.
Good Luck