In the hourly chart, we can see the current running correction, which has yet to develop in our preferred trading direction. For a short entry, one should wait for the formation of a signal, e.g. in the form of a P2, and place the stop loss above the last P3. Alternatively, and with the advantage of a more favorable stop, one can practice trading out of the correction i.e. the formation of a reversal candle at a significant point.
The targets are located in the areas around $108.00 and lower, which makes the stock even more attractive for short entries.
If the price considerably exceeds the last significant high at approx. $134.00, the short scenario should be abandoned for the time being.
Before trading, one should take news in the environment and from the company into account. Similarly, one should also observe the development of the overall market.
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