In our last analysis, we posted a short when we were in subwave 4 expecting subwave 5 lower. It appears that subwave 4 has not finished and has turned into an extended ABC correction. This is good news as it gives us another opportunity to catch the final shorts!
We are in a ZIGZAG formation and on the last legs of the pattern. We have 2 areas of interest we are watching: structure level at recent highs and the parallel ABC channel.
Trade Idea: - Watch for rejection of one of the areas of interests mentioned above - Draw a trendline and watch for a break for a more confirmed entry - Once broken, enter with stops above the recent highs - Targets: 17700, 16000, 14500
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