We can short this stock for the following reasons.
How to trade this trade setup
There should be a breakdown and this would be the entry point.
- Fib level confirm for wave 2 and we are currently in formation for wave 3 as that is on the 2.618 level
- The daily chart also shows the formation of bearish divergence
The market for the last few days if also forming inside an upward channel so possibility of a breakout is low and may result in fake-out.
- The latest candle has been unable to break able the 2.618 fib level
How to trade this trade setup
There should be a breakdown and this would be the entry point.
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