Another short entry soon @ IMGN?

Just another good example for a possible short swing.

Since the last high (green flag), we see that the price tried to form new highs, but was stopped by the bears (lightnings). On top of all that, we see that we are eventually marching onto a breakdown, as a triangle is forming.

I will wait for a small bearish candle to form, before I enter a position. I believe we should see one latest by tomorrow.

SL will be little higher than the last green candle, as usual, and TP for now is the blue support line. probably a bit below, so in case of a breakdown, I can still adjust or delete the TP and only trail my stop. Lets see how it all works out.

Comment:

candle is forming, I will wait till its complete, before I place my position

Comment:

Good decision to wait. I am thinking of a speculative entry right now. Speculative because we have no clear entry signal. Still I believe that the price will not break the resistance, but bounce back instead.

For more conservative traders, I strongly recommend to wait for a nice bearish candle, bouncing back from the resistance.

Comment:

Well... I speculated and I was wrong. For now, I will watch this one as I think it is a bulltrap.

Comment:

If we break the resistance at about 7.03$, we might have an entry there. The break means that the correction comes to an end. Right now we are in a small uptrend again, but that could turn around any moment.

Comment:

www.tradingview.com/chart/hwhaZPeC/