There's also a big momentum divergence on the AO at this time-frame and a 62% retracement of wave 1 of (3). Since this appears to be a Wave 3 of (3) on the horizon the next drop will be extremely strong. Bulls beware.
"No amount of thinking can accomplish what a small amount of not thinking can."
Email firstname.lastname@example.org if you'd like to be put on a waiting list to learn how to trade in any market at any time frame using my proven strategy. (Coming 2019)
At this point it is very difficult to come to any conclusion other than short with stop losses right above Wave C
Also keep an eye on the other possible pattern here:
Right now I think the most likely formation is the horizontal triangle, second to that is the current chart, and the final possibility is wave c up to 231/240 forming a harmonic like my most recently published chart. Chances of ONE of these being right is extremely high. Due to the ambiguity of this trade using fractals is a great way to keep yourself with the trend.
I'm favoring this new count. The current one could still be possible but I'd say it's a slim chance considering the momentum on a higher time-frame. This will create a big bearish divergence and give us some momentum to break through this support. Also it will create some nice harmonics :)