We will take short positions only when the price retrace backs and fail to make a higher high and breaks below the swing low that will be our entry point, Stop loss will be placed on the last swing high once trade is entered
Targets for correction wave are Fibs 0.32 , 0.5 and 0.618 ( Ending diagonals tend to retrace back to there starting point )
Aggressive traders can take positions once price is touching or breaching the upper of the triangle, also look for a reversal pattern on the daily close
Divergence on , and etc.
Weekly is building a pattern which will further bring confidence to this trade if the week does close with a
The risk/reward ratio on this trade is exceptional but this will be a long term trade
💡 is the key factor at breakout below
Let see how this plays, Good Luck !
Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss