pulls back to a 61.8% Fibonacci level, a 50 SMA
, and a horizontal resistance level
established in December 2013 -- all while in the midst of a clear downtrend. As such, I'm seeing this as a great swing trading opportunity and am going short. My only concern is that we don't have candlestick
confirmation, though in my opinion if I wait for that on the daily chart
I might be waiting a bit too long. There is a reasonably long wick candle on the hourly chart at this time, which is some evidence. Overall, though, I'm basing my decisions based on the other factors.