This is a text book pattern from our last post. We are short and looking for targets below. We are now in a risk free trade. REMEMBER...trading is about controlling risk and following bigger targets. DON'T over complicate things. If you are short...congrats!
Nice job LEONES...keep up the great work! 1st and 2nd targets were derived from past S/R, consolidation and current fib extensions. Look at your weekly charts and go back. Last time it bottomed in 7/2012 there was some volume in that area so with the combination of all three we will find some knife catchers that will fill our orders. If it blows through them then it could go much lower...but we are not greedy...we will take it if we can get.