On the weekly chart. 1.6 fib level corresponds with wave 3
Market had gone to test 125.98 area which was wave 1 but did not cross into wave territory.
Daily Chart
ABC correction patter in formation.
Head and Holders formation completed thus we can short below the neckline.
How to trade this setup Since the candle had closed above the neckline of H&S pattern, we can initiate short position once the market has crossed the long wick as indicated on the above daily chart. Entry - 122.53 Stop Loss - 126.50
We have multiple targets on different timescale as indicated below. Wave 5 should be an extreme.