With drop today I took short position. The action from Feb. looks like a form of H&S with the H a M shape to me. Using that idea I have a short term target that wold take out the nearest gap. I personally am using a 2 hour close above 134.56 as my stop (the low of .1 on a non-bat realtime chart). There is always more risk to take the bear side in a long term bullish market so caution with this trade if you take it (ie don't risk too much). I am not a adviser just sharing the way I see things. You must always process your own way. Take care.
Comment:
Trade closed: stop reached:
Stopped out on this trade. One potential is that this is a so called irregular flat correction when where the b wave goes lower than 1 down but there is then a 5 wave up c wave often to a .62 correction. (diagram in box). IFFF count correct the darker down trend line should hold.
