In the hourly chart, the currently running correction can be seen, which was in a sideways phase and now develops in our preferred trading direction. For a short entry, we 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 cheaper stop, one can also practice trading from out of the correction or the formation of a reversal candle at a significant point.
The targets are located in the areas around approx. $15.00, which makes the stock even more attractive for short entries due to the potential down to the first target. If the price considerably exceeds the last significant high at approx. $21.00, we should abandon the short scenario for the time being ( , depicted in red).