Monster: Sell Signal

Since our last analysis of Monster, we've observed a significant rise to just over $60. However, we now believe that Wave B has concluded. There's a scenario where we could climb higher, but we don't subscribe to that view. We suspect a double top formation near the $60.50 mark, corresponding to the Wave I cycle, and anticipate a five-wave downward structure leading to Wave C or the overarching Wave (A). We're setting a short entry because we believe the structure allows for the assumption of a double top formation. Given this is a double top, we also expect to see a double bottom. Nonetheless, our target remains the upper end of the support zone, as we don't want to quibble over a few percentage points and risk not triggering our take profit. Therefore, we've set our target at $49.88.

Comment:

So far we have seen a really nice reaction after our entry.
For no we are moving our stop loss to break even but we are not taking any profits, if you want to take some, please do so. As always please trade how you think is right for yourself. For us it is either a break even or a 3.8RR Win trade, so risk free from now on