Now we are anticipating one of the two scenarios marked on the chart to play out.
Scenario 1: Price will break above the nearby & 0.768 fib retracement level & then retest the fib level & ascending from above, this is where we would look to enter short trades.
Scenario 2: Price will decline back beneath the ascending & start a decline. If price breaks below the 1281.00 support we would anticipate a bigger downside move. We would enter shorts on a retest of this level from below.
Upside & downside targets are listed on the chart.
Updates will be posted as this trade progresses.