After Friday's daily candle closed as a bearish engulfing candlestick we are very interested in the possibility of aggressive selling opportunities. I would like to see a pullback into the previous structure before placing a sell for a maximum risk to reward trade but It is rare to see this happen nowadays with the current market conditions. I have illustrated the levels I am interested in and what could potentially happen next.
67.4% of commercial players are short according to our COT Data source.