IF YOU SWITCH TO THE MONTHLY CHART THERE IS A BEARISH ENGULFING PATTERN. I PULL FIB LEVELS TO FILTER IF THE MINOR TREND WILL CONFIRM THE DOWN TREND OR NOT.
AFTER WAVE "C"IS FORMED AND A BEARISH SIGNAL APPEARS ILL GO BEARISH. AFTER THAT AS PRICES UNFOLDS TO THE DOWN ILL WATCH THE MIDPOINT OF "AB" WAVE. IF THERE IS A REVERSAL, ILL CLOSE THE TRADE FOR A SMALL PROFIT OR SMALL LOSS AND REVERSE THE TRADE TO GO LONG. IF NO REVERSAL ILL STAY WITH THE DOWN SIDE TO THE MONTHLY SUPPORT.
AFTER WAVE "C"IS FORMED AND A BEARISH SIGNAL APPEARS ILL GO BEARISH. AFTER THAT AS PRICES UNFOLDS TO THE DOWN ILL WATCH THE MIDPOINT OF "AB" WAVE. IF THERE IS A REVERSAL, ILL CLOSE THE TRADE FOR A SMALL PROFIT OR SMALL LOSS AND REVERSE THE TRADE TO GO LONG. IF NO REVERSAL ILL STAY WITH THE DOWN SIDE TO THE MONTHLY SUPPORT.