Nice impulse wave formation with the top of 5 wave perfectly snugged in with previously tested resistance level. This gives some confidence to shorting with the corrective waves, rather than an upward continuation at this time.
With DYDX seemingly being on the cusp of a bullish take off however, I placed my SL right above 5. Overall it looks to be a great trade so I have no complaints EVEN IF the market decides that now is the time to blast off. Time will tell. What would you put your money on?
TP is at the 618 fib level which correlates with an OB as well. Makes for a solid 1:3 RR.
1 HR timeframe so
Updates to follow
With DYDX seemingly being on the cusp of a bullish take off however, I placed my SL right above 5. Overall it looks to be a great trade so I have no complaints EVEN IF the market decides that now is the time to blast off. Time will tell. What would you put your money on?
TP is at the 618 fib level which correlates with an OB as well. Makes for a solid 1:3 RR.
1 HR timeframe so
Updates to follow