rejection from 4hr which is also the .618 fib retracement level. Price action is below the kumo, impulsive moves followed by corrective moves show the Bears are in control, order flow seems to be smoothly rolling down in a non-volatile trend. The kinko hiyo high lights how wave theory makes the next impulsive leg down predictive. The N wave completion will likely break the lows of the B-C corrective leg.
Trade closed: target reached: N Wave pattern completed :)