- Formed a downward 3-wave structure from March 29th with recent 4H candle closed below the low of April 1st - 4516 level is broken down - RSI is bearish - VIX 4H gives bullish divergence on RSI
Trigger:
- Go short now or wait for a local wave up to 4516-4540 and its reversal based on how candle closes
Stop Loss:
- 4H close above 4540
Targets:
- 4467 (Fib Trend Based Extension - 1.0 level, and support level on 4H chart) - 4390 (Fib Trend Based Extension - 1.618 level and support level, as well as current MA200, on 4H chart) - 4260 (Fib Trend Based Extension - 2.618 level and 4230-4270 support region) - 4130 (Fib Trend Based Extension - 3.618 and the previous low 4105-4150 support region)
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