My analysis shows a bigger ABC pattern , and within it a 12345 Elliot wave.
MACD confirms and shows we are in the end of the B wave and will start C soon.
I will risk 1% on this trade and update as we go. Its a 5:1 risk ratio , but I could update it during the trade.
Position set to sell at the price indicated on the chart.
Good luck , trade with care.
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If you are not aggressive , you can also set a sell stop at 7480 and set stop loss above the high developing on wave 5. This could give you better chances of a successful trade but with a 2:1 risk to ratio.
Not a bad idea tbh.
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Set the Sell stop only after we break 7556 high to create divergence on the MACD. If the divergence goes away you can remove the sell stop but if the price drop with divergence on MACD chances are you will have a nice ride down to complete the pattern.
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I was tagged at the sell stop 7480 with a s/l above last high