Correction in Bearish Structure
Updated
Updating current idea.
After the big move down from yesterday, the graph is respecting the 38.2 retrace area.
Currently where it stands, this is in the middle of a correction area where most people will lose money thinking this is a reversal, when in reality this is simply just a correction.
After correction is always a continuation of trend, unless there is a correction that terminates the trend, usually a triangle pattern 3-3-3-3-3 structure in sync with stochastics and convergence pattern, which has not been found on any charts yet.
What kind of correction, that is still to be determined in time, either a Flat or Triangle Pattern correction judging from the first high and low.
Being this is a correction, do not trade unless you have experience in scalping in these conditions, and pattern recognition, other than that, I recommend being on the sidelines until this correction structure is near to it's end.
Happy Hunting.
After the big move down from yesterday, the graph is respecting the 38.2 retrace area.
Currently where it stands, this is in the middle of a correction area where most people will lose money thinking this is a reversal, when in reality this is simply just a correction.
After correction is always a continuation of trend, unless there is a correction that terminates the trend, usually a triangle pattern 3-3-3-3-3 structure in sync with stochastics and convergence pattern, which has not been found on any charts yet.
What kind of correction, that is still to be determined in time, either a Flat or Triangle Pattern correction judging from the first high and low.
Being this is a correction, do not trade unless you have experience in scalping in these conditions, and pattern recognition, other than that, I recommend being on the sidelines until this correction structure is near to it's end.
Happy Hunting.
Note
The correction looks to be a Zig Zag Pattern, watching closely with 1HR stochastics for a double top reversal to play the continuation down trend, the market still needs time to play out, still in the middle of the correction, waiting for near completion to trade
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