A bit speculative, but betting on previous high taken which means stops were taken out and now we can have a move to the opposite side of the range. Also, notice the small gap that was formed. Some additional sign of strength for a short.

Also an AB=CD bearing. On the daily chart, the EMAs are quite flat.

This is an asymmetric risk to reward trade, not a high-probability hitter.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.