A while back I was of the opinion that wave 2 had completed as a running flat. Now im looking at the price rejection from 54.87. This is a 1.236 retracement of the W leg marked on chart. Expanding flat (3-3-5) patterns turn at this point. The X leg also completes nicely at this level. Im now looking to play the short side which if correct will decline in a 5 wave structure to target. A break of 54.87 will invalidate pattern and most likely power price higher.
Commento:
Wave 3 looks to have found traction. moved stop to even. risk off from here and will monitor for exit.
Commento:
Looks like price may have found support. watching for correction pattern then will update again.....
Commento:
Watching here, a reversal at 49 level can give chance to add to short....
Commento:
decided to add another small short position. looks like flat or triangle correction....