On the weekly timeframe market has rejected the upper boundary of an ascending channel with a bearish engulfing candle.On the daily market has broke below daily support with a strong bearish impulse which has been followed by a nice correction, now we are expecting to see a continuation to the downside and market to form a new lower low from a daily perspective. At the moment on the 4hr timeframe market is still bullish during the correction, we are waiting for new bearish structure to form and a break of this counter trendline, if all of our other rules are met we will be looking for one of our valid entries to short.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.