The daily trend is down, the price has printed a daily Momentum low of 108.72. A new wave structure has started on the daily chart.
The 1hr chart broke down the ascending trendline of the current secondary trend(Correction). The simple approach is to measure the High to low of the trendline interruption, looking for a sell at the retest of the 109.85 [weekly short structural point] which is also the 50% retracement of the interruption.
Entry Short: 109.76
Stop Loss: 110:00
Target: 108.72
The 1hr chart broke down the ascending trendline of the current secondary trend(Correction). The simple approach is to measure the High to low of the trendline interruption, looking for a sell at the retest of the 109.85 [weekly short structural point] which is also the 50% retracement of the interruption.
Entry Short: 109.76
Stop Loss: 110:00
Target: 108.72
Trade active
This has triggered 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.