On the monthly timeframe market is testing monthly resistance, on the daily market has broke above daily resistance with a strong impulse, after a impulse you expect to see a correction, market on the daily is also over bought and over extended and we have also formed this nice W formation giving us a downside correction target, we will be dropping down to lower timeframes and waiting for new bearish structure to form before 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.