That long trade was a retracement of the previous strong decline which bottomed at 91.70 in Late January.
That low could be potentially larger Wave A low and we have almost completed a retracement in the for of . If correct then we are in final stage of wave "c" namely minor wave "v" of C.
Hence a short could be considered
1. Near completion of zizgzag retracement with wave v of c in final stage.
2. Wave a or = wave b just short of of previous decline (see below)
3. Potential divergence could form.
4. Break of minor rising trend channel could confirm resumption of downtrend.
Downside target could be 91.70 low or new lower low.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, constructive comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.