From larger timeframe I can take a strong bearish week below 3 months low. I am now looking at a neckline retest and there is a channel of sorts with macd divergence from the recent peaks. Price remains below the f6 from the downflow that I have identified. My bias is wrong if it should day CLOSE strongly below the green lines. Spikes are not considered SL for...
Has the downtrend changed? Right now, price is at a confluence of f6 , day trendline and ED channel resistance. A break means a new ERA but I am more bias for a short which is with trend but against momentum. I will be waiting for a h1 channel setup for specific quantifying of SL and EP. Right now this h1 setup is not fully formed yet.
GJ is still an up for me now. I have short bias but I will be need to be patient and only consider short again when price reaches the circle, which has the pincer channels in place, together with f6 and divergence. Till then, still monitoring this setup.