This is what I see. We did complete Demark breakout projection for now and touched the unclosed level - missed weekly pivot. We do have a missed monthly pivot and price might go to retest that unclosed level. But missed monthly pivot might mark a start of significant downtrend. And for price to get there it has to break weekly ceiling CAMS4. A break through CAMS4 would require price to move far above monthly pivot what I find unlikely considering the fact we already broke yearly CAMS4 and are in a heavy bear market... Last week we broke weekly floor CAMS4 and price did not complete the break move to last week´s CAMS5 - this scenario I find more likely.
Its is very UNLIKELY that we will reach weekly ceiling R4 (bcs of failed trendline breakout described in my educational post).
A stop above weekly R4 ceiling would be safe for short positions. I will be looking for short entries when London opens.
A stop above weekly R4 ceiling would be safe for short positions. I will be looking for short entries when London opens.