Nice little trade could be arriving -
Last bounce THETA hit fib 0.618 and if the trend is regressing (it is) then the next bounce should not exceed the previous - so based on that it is unlikely price will see 0.786 if this is a simple dead cat bounce.
We can see that price has twice broken through the support line, so good chance price will breakdown from this topping pattern soon enough.
Short @ fib 0.618 $6.93 area
A more aggressive trader could choose 0.5 fib $6.07 area for entry.
TP $4 / long term hold.
Not advice.
Last bounce THETA hit fib 0.618 and if the trend is regressing (it is) then the next bounce should not exceed the previous - so based on that it is unlikely price will see 0.786 if this is a simple dead cat bounce.
We can see that price has twice broken through the support line, so good chance price will breakdown from this topping pattern soon enough.
Short @ fib 0.618 $6.93 area
A more aggressive trader could choose 0.5 fib $6.07 area for entry.
TP $4 / long term hold.
Not advice.
Comment:
THETA looks like a retracement blow off top here. Could be done. We'll see how it closes the day.
Comment:
This looks to be a PERFECT call. We'll see how it goes.
Comment:
Did you ever see a trade quite like this?
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