So earlier today in the H1 chart. Bears managed to push the price down below the H&S neckline but at the same time, it bounced off of the wolfe support and fibo 50 level at 1819. For bears, I would have preferred a more decisive break of the wolf wave's support before I would short. It was a smart move by the MMs to trap the bears who have FOMO-ed and for them to hunt their stop losses now.
For now, I will suggest keeping a look out on the shorter term fibo levels for the pullback before it tries again for the neckline and the wolfe support. Bears can try shorting at each level for a quick scalp with a tight stop loss in place. Until 1850 is broken, my sentiments remains bearish, targeting 1800 and 1778 in extension until the stimulus is approved. Key levels to note for bears is 1825 and the wolfe support whereas for bulls, they can look to tp from 1832 -> 1840 -> 1847 and 1853 which are the levels that bears can look to take their positions in.
For now, I will suggest keeping a look out on the shorter term fibo levels for the pullback before it tries again for the neckline and the wolfe support. Bears can try shorting at each level for a quick scalp with a tight stop loss in place. Until 1850 is broken, my sentiments remains bearish, targeting 1800 and 1778 in extension until the stimulus is approved. Key levels to note for bears is 1825 and the wolfe support whereas for bulls, they can look to tp from 1832 -> 1840 -> 1847 and 1853 which are the levels that bears can look to take their positions in.