This idea is mostly about the bearish breakout trade based on higher TF analysis. Some upward movement was expected based on momentum divergence, consolidation below the trendline ongoing...
Keeping my options open however in case we don't get our confirmed breakout, 1.13 ext. touched (no close) by the last swing low so if price breaks back above the trendline and continues on upwards (need a new higher high above 2083 to cancel downtrend) we might get a bearisk shark out of this with possible resulting 5-0 (higher low) and new impulse up after that...
This would still be in line with an alternate count on the wedge I posted about in my previous idea... (4H TF, see link below, also same structure on DJIA).
For now though, I will keep with the downtrend continuation idea and look for a good setup to trade the bearish breakout (trendline re-tested, 2nd re-test approach coming up, example trade on chart)!
The breakout setup depicted has better R/R than the one I posted earlier but still has some higher risk envolved, the higher probability trade will be the breakout out of the current consolidation (example on chart, not a prediction!!)... Choose wisely...
Keeping my options open however in case we don't get our confirmed breakout, 1.13 ext. touched (no close) by the last swing low so if price breaks back above the trendline and continues on upwards (need a new higher high above 2083 to cancel downtrend) we might get a bearisk shark out of this with possible resulting 5-0 (higher low) and new impulse up after that...
This would still be in line with an alternate count on the wedge I posted about in my previous idea... (4H TF, see link below, also same structure on DJIA).
For now though, I will keep with the downtrend continuation idea and look for a good setup to trade the bearish breakout (trendline re-tested, 2nd re-test approach coming up, example trade on chart)!
The breakout setup depicted has better R/R than the one I posted earlier but still has some higher risk envolved, the higher probability trade will be the breakout out of the current consolidation (example on chart, not a prediction!!)... Choose wisely...
