shooting star and bearish divergence

FX:GBPCAD   British Pound / Canadian Dollar
227 5 3
we hit the 1.618fib and should now correct in w4 before another leg higher
this one is active again after it put a shooting star

and also note the weekly bearish candle stick

I have covered my short for now +100 pips, 5 waves down, should bounce soon
What do you think how far a retracement could go? I could imagine that it can reach your point yellow III as the the way from blue II till blue III had not been completely retraced. .
ForceFollower motleifaul
My take on this is: if you want the up trend to continue, you don't want to see the price print below 1.67000, ie. the support should be at the top of the prior range, otherwise - it's over and done.
traderWgun motleifaul
yes I agree. price broke a big range so maby a retrecment back to range top and .618fib before higher
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