Supply zone between 60.26 and 63.65 area and has proven that it is strong enough to push down the entire market. price came to this level and 1) couldn't make higher high and 2)made an upside down V shape (V formation),3)On the other hand the bullish move has done all the 5 Elliot waves as its drawn on the chart.
There is no doubt that the price will continue go down. Personally I believe it will form this big Gartley pattern (double 0.618 test) before the next bullish move to there is plenty room from current price till 48.29.
The real question is: where should I take the short?
1) 57.34, for aggressive traders this is the price you want to take with the risk of deep pull back to 58.57, if psychologically you are ok with it I recommend take this price.
2)58.57 for conservative traders you may attempt this price however running the risk of not catching the trade. this price is suitable for most people and its much safer.
good luck
There is no doubt that the price will continue go down. Personally I believe it will form this big Gartley pattern (double 0.618 test) before the next bullish move to there is plenty room from current price till 48.29.
The real question is: where should I take the short?
1) 57.34, for aggressive traders this is the price you want to take with the risk of deep pull back to 58.57, if psychologically you are ok with it I recommend take this price.
2)58.57 for conservative traders you may attempt this price however running the risk of not catching the trade. this price is suitable for most people and its much safer.
good luck