My previous publication suggested that price last week would reach out to the for a completion before resuming the last impulse wave of the superceding structure. It hasn't quite done so (yet). However on the likely that this correction is over and that we won't see higher prices in the near future, I will anticipate short opportunities now before it's too late.
Following last week's price breach of the ascending (ABC) indicating a 'possible' termination of correction, we saw a strong pull back into an area from which we can infer offers a valid head and shoulder pattern. Concurrently this price area is also a potential reversal zone as per the completion (purple) at the .78 retracement. From a larger perspective, price has finally found resistance from the .38 fib retracement after an exhausting wave 3 rally. So it wouldn't be unfair to assume that the bears will look to take this one home by completing the wave structure.
Otherwise, if the market pushes price above the 27th high then we could expect bears to take charge proceeding the completion and completion.
Harmonic Traders could identify this almost perfect cypher pattern. I will be conservative with my short and respect the pattern shown, especially after seeing this huge bullish engulfing candle.
Adjusted stop loss: 9540