After this fast move down in the Risk as i warned in previous charts , i warned as well that it ll be so fast to catch and it went down with more than 250 pips with ZERO bounce , i was lucky to get in on the break of the 77.65-70 level as i shown in previous charts. i hope that everyone got it right and made some green pips out of this good move , the good news is that this is not the end of it ,, i can see now the end of wave 1 of wave 3 down which has formed an ending diagonal as shown in the chart.
as i speak now its testing the upper resistance of this pattern and breaking it , i m showing in the chart the 3 resistance levels i m watching closely for an entry to ride this beast down again , first one comes up in 75.80-76.25 , and that's the 4th wave bottom and top and the 38% ret. then the 76.60-70 level which is a very solid resistance and then the final line of defense is 77 level which i find it very unlikely to break or even test.
i recommend building a short position at this levels , i ll go half position at 76.25 then add the second half accordingly , maybe at 76.60 or at the break of the low
if the trend didn't go up to test this levels and just go break the low from here , i don't recommend selling before the trend at least hits 75.80 and then breaks the low cause the RSI is very deep in the oversold area and it needs a relief before it can grab a momentum for another fall.
so the plan is ,, building short position at this shown levels , short at the break of the low only after the price tests the first resistance level.
goodluck all
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