Previously, we were looking to capitalize on the next leg of correction, which began on Dec 8. It was likely to take the form of either Flat (3-3-5) or W-X-Y 0.68% (3-3-3), and push the price down to $12 800 and below. Price hit the target quite fast:
Now, as correction has been confirmed, the price should drop to the next target of 12 000. Watch the minor pitchfork as it defines the intraday price channel.
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From the risk-reward perspective - which of course is at the heart of trading - the optimal entry for short is within 13 900 - 14 100 box. Not sure it gets there, but still:
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Price is getting to the entry zone. These are my trade parameters. Not keen to risk much here because correction is complex - it's better to set up another trader when the wave structure is more clear. So, stop-loss is just 3% away from the entry:
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That's why I didn't want to risk much on this trade. Stopped out, -3%.