The commodity may have topped short term and we may be in for a deeper correction judging the moves today, a confirmed break below the smaller degree correction it currently in is a good short term sell signal.
Note: Selling in an uptrend for a corrective move is dangerous and you should know what you are doing well and have a good strategy to trade this kind of moves. Sell only if it breaks below and a break is confirmed, it may go up instead of breaking down, in that case this setup is not valid and there won't be a trade taken.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for informative purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit thepiphunter.com and subscribe.
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Comments
shobikhan
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The best chart and statement I've seen so far ... I hope you get more views.
piphunters
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thank you!
purpurato59
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What's your stance now ? I think there's an even larger move down still to come.
piphunters
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it's still within the larger corrective structure so a bigger move down cannot be ruled out agreed, will be watching closely how it develops