hotshot_trader

hotshot_trader

Head and shoulders completing. Expectation is a price decrease to the 1.618 extension zone.

hotshot_trader

Conditions look ripe for a retrace. Excellent risk to reward on this trade.

hotshot_trader

We had 2 weeks forming a large bearish leg. if price action consolidates into the head shoulder range we could see a significant retrace of that strong leg.

hotshot_trader

If the price reaches the D region in the next few days, the CD leg will act as a clone to AB and provide additional confluence that the overall bearish trend will continue.

hotshot_trader

Appears to be oversold now within all time frames.