Declining volume on rising price, combined with weak momentum on macd , divergence on RSI I can see a blow off top potential spike up and then down. But now is a great time to build short position and leg in if we get a rapid spike up. Im looking for targets much lower. Look for retracement to .618 level of 12884. Elliot wave pattern ABC retracements should be utilized as we head down.
Trade closed: target reached:
i closed my trade at 13100 at the 50% retracement level.... Great trade from 14,025 avg. I see a bounce here in my work