That can be a valid entry for an Upthrust from an obvious support/resistance line. Previous high taken and price reverses. Some people call this a fake-out, you can see it as a double top in a downtrend. It's a matter of interpretation.
The longer target is the 1 to 1 AB = CD shown in the chart.
Higher timeframe confluence: Daily is below 10 EMA although overall in an uptrend, but my bet is an ABCD correction down.
The Entry bar is a solid Engulfing bar on raising volume. We shall see.
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Plan: scale-out part of the position at the previous low or 1 to 1 and leave a runner.