ironcondor
Short

EURCHF 15M short | Evening Star

FOREXCOM:EURCHF   Euro / Swiss Franc
Candle Pattern: Evening Star
Trend: up
Trend Entry: against

TP/SL Ratio Target: 1 to 1
Target TP PIPs: 15
SL PIPS: 15

Fib Entry: .618
Fib TP: .382
Stochastic: over-bought
MACD Histogram: contracting down
200SMA: above
Inside EMA/SMA zone: no
BB: top
Pivot Point: Pivot && R1

Elliot Wave:
this may be point B of the ABC correction of the previous Wave 5
Looking for a long term drop between wave 3 and wave 4


Notes:

terrible looking Evening star , more like massive dojis, formed at the 618 fib retracement of last swing high.
stochastic showing overbought and dipping below 80
macd showing momentum to the down side


What can go wrong:
might see price still retrace the to 764 level, SL place above that point
if price goes beyond last swing high, it will be the new wave 5 high point




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