Price has broken out of its long consolidating wedge. the break was confirmed by a strong movement to the downside and has now retraced almost 100% to retest the broken trend line also giving us the best possible risk to reward situation. there is now the confluence of the trend line, previous area of resistance and over 3 days of price failing to break above structure. All that is left is to look for a valid entry on a lower time frame, a Strong bearish candle would be enough for me. Therefore if we enter we can have a stop loss above the highs protected by structure and possibly targeting previous lows for a nice 3R.
Comment:
price has pushed higher into my are of interest for a sell.. i have not yet seen any signs of bearishness. but i still believe the sell is valid. if price manages to break above structure however we will be looking for buys.