Prices formed an impulse to the downside and then moved up after a serious stop hunt, or rather rejection caused by the buyers, who came in and pushed prices higher. This was evidenced by the correctional structure ( rising wedge
pattern). Price is currently moving downwards after it retested the support turned resistance of the rising wedge
pattern. On the 4-hour timeframe, price has already broken out of a second correction pattern ( bear flag
pattern in this instance) and is moving further downwards. This trade can be played both on higher timeframes as a swing, or on shorter timeframes. The choice will depend on your patience and account size. The technicals of the trade are as follows:
4-HOUR TIMEFRAME STOP LOSS: 113.043
4-HOUR TIMEFRAME TARGET: 109.090
TARGET 2: 107.541
May the bears be with you!!!