here we have this weeks favourite watchlist candidate AUDCAD .
* rejection at weekly
* Price action at weekly sup.res line & at weekly , which indicates a continuation of the existing downtrend
* high area of confluence
* Overbought on D & 4h
* turningpoint at indicating following momentum
* Top of the D
* A possible starting trendphase in wykoff theory
The possible end of a bigger pullback of the occurring long term trend.
Multiple momentum indicators confirming short theory. Price action at level of confluence.
For safe entry one might want to enter at dotted yellow line.
To summarise the key checkpoints:
* Price action √
* Indicated momentum loss √
* In direction with the long term trend √
* Wykoff - not in contraction phase on Weekly or Daily √
* Price contrary to contraction phase √
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All the best,