If you took the sell and held, noticing the bull trap, bravo, Wasn't much of one anyway, this was pretty clean cut. It measured out equal length for wxy right at the 618 retracement from last high to low, as it just broke out of fork in a diagonal pattern... Yum. I said I was looking for it to retest the high at the beginning of diagonal (Green line). However it is about to hit some resistance as you can see. Within the realm of possible patterns, Nchf could come all the way down tor retest the supply zone if this turned out to be a double combo. This sell has huge potential, but all that is ever guaranteed is the scalp considering how this market can move. I would look to that high, where I placed the green line right above, the 7000 level, but I will continue to look for sell setups in the meantime,with the possibility of letting run. If this is wave 1, then you would look for 50-62 % retracement of total move up before continuation, just not measuring or counting as a wave 1 right now unless it properly corrects itself to continue. If you are not used to trading this pair, be careful and understand how it can consolidate. If it were to just stop and consolidate, creating a higher time frame pattern for a buy, then I would take that buy, considering this diagonal to be invalid and a running flat correction for wave 2 indicating a long extension up, but not what it looks like to me. Bias is definitely sell until something changes.
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What I meant to say is I want to see it break that 7000 level, wanna see a smaller sell flag that area. My green lines are the shorter term targets.