Simple chart, two double tops in July, September. Index repeatedly rejected from 3020 level. Divergence in other indices- Dow, NQ, RUT all below their ATHs.
We got a right shoulder forming from Apr > Jul > Sep. May was an ABC, August a meat-grinding see-saw; IMO October will be a vertical drop to double bottom.
I do expect ONE more rally attempt before...
CADCHF Short/Sell Idea
waiting for a momentum candle close below 0.7520 to sell this one
1- Regular Bearish Divergence on MACD (in red)
2- Channel Pattern rejection (in blue)
3- Resistance/Supply zone (in light-blue)
4- Double Top pattern (in red and purple)
Four confluences are enough to consider Selling CADCHF, after a break below 0.7520 (in gray)
If you're familiar with chart patterns, then it should be clear to see the double top on the 1H chart and currently the price is retracing, creating a flag pattern, which allows us to enter the sell.
Look for a good entry on the smaller pullbacks and out target is around 95 pips.
Now, i've marked a third take profit, where the market might drop all the way....