CCO | Distribution Pattern | FractalsLooking ahead we can see the next phase of price action falling into a distribution pattern
Since correction wave 4 buyers took off but seem to be running out of steam. Eventually sellers will have to show what they can do after this trend breaks on a lower timeframe.
Ideal move going forward would focus on short positions only with a local swing target of ~$96 since that was the last area of support
Entries would be somewhere at the Head if using textbook patterns (HnS) or SMR
A confirmation entry to be on the safe side would be after the Breakout Bar indicating a change in trend, and then waiting for the Distribution phase to kick in for more shorting opportunities.
To add confluence to this trade idea we can look back at historical price action and find similar fractals that matches with current price movement
At least two fractals are spotted with the same patterns that are building the same price structure we're in
Elliott Impulse Wave, HnS Pattern, and Distribution Phases.
If buyers are not interested in the local support lvl then liquidity at $76 will be next zone.
