Based on the observed four-wave pattern within the monthly timeframe, there's a distinct possibility for a continuation towards a fifth wave, indicated by prevailing market signals. Consequently, a prudent strategy would involve considering short positions subsequent to a breakout in price action. It's advisable to manage such positions by trailing stops in alignment with downward movements, thereby optimizing risk management within the trade.
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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.