Macro headwinds for copper and a measurement of "the state of the economy" are not looking too bright.
This trade setup has almost the best technical setups as I have ever seen, the only one lacking would be a three, or four-drive bearish impulse, where as we see here, we only have 2 drives BUT our monthly timeframe analysis allows for divergence to play out as such for bearish continuation, as it is macro timeframe analysis.
Short-term bulish retracement with bearish bias from "premium" fibonacci levels (>0.5 to 0.786)
Bear flag trade setup valid if weekly bullish structure breaks if monthly premium not reached
Confluence for a short trade:
Deviation above previous range/structure highs
RSI bearish divergence upon deviation
Reversal zone signal prior to divergence lock-in (strong)
SFP liquidity grab at the highs
Bearish market-structure break, creating a liquidity gap candle
Retracement into a premium features a bearish orderblock, fair value gap, and breaker candle at range highs
Trend end candles printed
RSI bearish divergence reclaiming 70 level (strong)
PEPE (Strong x5)
Macro Quasimodo level as confluence point of interest if price tries to break above range temporarily
Bear-flag weekly structure
Why so serious?
This trade setup has almost the best technical setups as I have ever seen, the only one lacking would be a three, or four-drive bearish impulse, where as we see here, we only have 2 drives BUT our monthly timeframe analysis allows for divergence to play out as such for bearish continuation, as it is macro timeframe analysis.
Short-term bulish retracement with bearish bias from "premium" fibonacci levels (>0.5 to 0.786)
Bear flag trade setup valid if weekly bullish structure breaks if monthly premium not reached
Confluence for a short trade:
Deviation above previous range/structure highs
RSI bearish divergence upon deviation
Reversal zone signal prior to divergence lock-in (strong)
SFP liquidity grab at the highs
Bearish market-structure break, creating a liquidity gap candle
Retracement into a premium features a bearish orderblock, fair value gap, and breaker candle at range highs
Trend end candles printed
RSI bearish divergence reclaiming 70 level (strong)
PEPE (Strong x5)
Macro Quasimodo level as confluence point of interest if price tries to break above range temporarily
Bear-flag weekly structure
Why so serious?