Shorting Potential:
- Double top
- Price has rejected major resistance.
- Price came back to re-test local up trendline and rejected it.
- Price rejected the 618 level.
- Evening Star pattern + Now we have just closed with an engulfing bearish candle signalling a shorting potential.
- Divergence in RSI on 2HR TF and slowing buying momentum signalling a change in price.
** Stop Loss just above the 618 fib level and Targets at 50% of the way down from the 2nd August Low.
- Double top
- Price has rejected major resistance.
- Price came back to re-test local up trendline and rejected it.
- Price rejected the 618 level.
- Evening Star pattern + Now we have just closed with an engulfing bearish candle signalling a shorting potential.
- Divergence in RSI on 2HR TF and slowing buying momentum signalling a change in price.
** Stop Loss just above the 618 fib level and Targets at 50% of the way down from the 2nd August Low.