ABCD at the completion point of a larger, daily ABCD, (both
creating a possible price reversal zone-red square ), was sharp
which suggest a taking out of the low, 1,3832. The mini target of
the larger Daily ABCD is 1,3763 which coincides with the
extended 1,618 target of the top, smaller ABCD. Now, IF
price takes out the top, 1,3965 everything points to an
extended D point in the larger ABCD (1,272 or 1,618
extension of the CD leg. Note there is also a weekly
ABCD in play, not shown here. So 1,3965 is crucial for
ST outlook in this analysis. Looking at Price action on
friday, a large hr candle to the upside suggest an extended
D point in the small ABCD, at 1,3950. Considering all these
patterns, if price turns down from this level,, it is a good
R/R trade to short with a stop above 1,3966.
Avoid shorting if upward move is fast, then wait for
it to stall before entering .