I see this as a clear technical short considering three things.
1. Clear bearish rsi divergence
2. What appears to be a 3rd wave extension beneath what is now the 5th wave.
3. A fractal pattern involving truncated 5th waves on smaller time frames
That being said parabolic runs are risky and an attempt to liquidate a bunch of the shorts might lead to fomo causing another parabolic bounce.... Trade wisely, but if this isnt just a nasty fakeout, this trade looks pretty solid, just wait for confirmation.
1. Clear bearish rsi divergence
2. What appears to be a 3rd wave extension beneath what is now the 5th wave.
3. A fractal pattern involving truncated 5th waves on smaller time frames
That being said parabolic runs are risky and an attempt to liquidate a bunch of the shorts might lead to fomo causing another parabolic bounce.... Trade wisely, but if this isnt just a nasty fakeout, this trade looks pretty solid, just wait for confirmation.
Comment:
yup, a little close with that stoploss though... sorry if you were overleveraged
