1. Sharp drop
2. Broadening wedge (accumulation)
4. Consolidation sideways (currently) or wedge
5. Sharp pull back to a trend line
6. Uptrust to previous high
7. Continue descend
For this trade i will wait for the sharp drop and enter long on a trendline support with divergence on the lower time frames, with a stoploss below the trendline.
Started with opening my short term long position.
There could be another shake out to below.
@AndySmart, it is still possible, because it will freak out a lot of people and some big players might take advantage of that, therefor it's important to look at the lower time frame charts for the strength details.