Leaning to the downside with this one now especially after breaking down from the wedge.
Game Plan: if we open down tomorrow, I think it can hang up around 272, and if this happens, I will look at a retrace back up to supply around 278. It’s here where I think can provide a lot of confirmation bias. IF this happens and price rejects this supply, I think we will start a wave 3 down (white “iii”). If it breaks through supply, I’ll have to watch price if it approaches my invalidation level and how it reacts. I will look to enter a short if supply rejects and we print a lower high.
I think if this 5 wave projection plays out, we are going to revisit 240. I’m leaning towards this probability and any short entry I make possibly tomorrow will reflect for this price target.
Game Plan: if we open down tomorrow, I think it can hang up around 272, and if this happens, I will look at a retrace back up to supply around 278. It’s here where I think can provide a lot of confirmation bias. IF this happens and price rejects this supply, I think we will start a wave 3 down (white “iii”). If it breaks through supply, I’ll have to watch price if it approaches my invalidation level and how it reacts. I will look to enter a short if supply rejects and we print a lower high.
I think if this 5 wave projection plays out, we are going to revisit 240. I’m leaning towards this probability and any short entry I make possibly tomorrow will reflect for this price target.