After initial decline from that top we have usual abc correction ending at 141. Since when it has again made intermediate swing lower to 133 and retraced intermediate abc and is in process of turning lower.
Additionally, there is potential in development with both the right and left shoulders showing relatively close time symmetry of approx 86 bars on 4hr chart.
If this is correct then we could have potential shorter term targets:
1. 133, a retest of the neckline
2. 131 -130 where price symmetry and closer to 61.8% fib retracement of the pervious rise.
3. 128 - 127 which is full retracement and 61.8% extension of wave 1 or A.
Invalidation would be above 138.
Trigger could be on break of the minor rising support which could be timed using say Hourly chart.
Longer term as noted above this could turn into a very and profitable trade.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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