In todays analysis, I've added 3 more concepts to play. Namely, Trend Pattern (via the trend line), Fibonacci Retracement to predict a better entry point with a higher probability of success and of course, Divergence to get an understanding of the momentum via RSI (identification of trend reversal).
Given that the HL and LLs are quite clear that this is a sharp bearish trend along with checking the divergence, I believe the bearish trend will continue. I've chosen a fan fav. number for the Fibonacci selection (guess which one?) and allocated a trend line which almost matches the fib selection.
*Mistake* I accidentally selected my horizontal line number as the fib number which is incorrect - it should've been the exact number on fib sequence.
I've selected 2 levels of profit based on my associated risk. Let's see how this one goes. Let me know what you guys think.
Given that the HL and LLs are quite clear that this is a sharp bearish trend along with checking the divergence, I believe the bearish trend will continue. I've chosen a fan fav. number for the Fibonacci selection (guess which one?) and allocated a trend line which almost matches the fib selection.
*Mistake* I accidentally selected my horizontal line number as the fib number which is incorrect - it should've been the exact number on fib sequence.
I've selected 2 levels of profit based on my associated risk. Let's see how this one goes. Let me know what you guys think.