Daily bearish cypher formation at a major level of structure. Wanted to keep this trade low risk given that the index is at all time highs so entries were at structure rather than the traditional cypher entry point. Additional confluences are that the RSI is overbought and that the latest rally was on declining volume, which to me indicates a lack of interest from major buyers.
The same volume trend is noticed on the weekly chart. See for yourselves! Stops and entries indicated on the chart.
The same volume trend is noticed on the weekly chart. See for yourselves! Stops and entries indicated on the chart.