Weekly chart:
After the trend break at $ 78.94, the price drew directly back up and generated a new high at $ 95.56. But unfortunately, due to this trend break, there is now no active trend present. This is why the sidelines are the better alternative here.
Daily chart:
In this trend size, a nice short trade is currently presenting itself. After the last point two at $ 82.70, the price went directly back into its last correction zone (red rectangle) and now seems to want to carry on with its downtrend once more. With a stop above the red correction zone, one could speculate on a continuation of the downtrend.
Hourly chart:
Since the daily chart is also showing a downtrend, our DowHow setup is reflected in the hourly chart. Here, too, there is an intact downtrend and the price is coming from deep within its correction zone. With a stop above the red correction zone, one can also speculate on a continuation of the downtrend in this trend size.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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