I am looking to take a quick short trade @ 1.5725, stop @ 1.5770. My target is around 1.5600.
The 30-min chart shows a clear 5-wave rally (I think this could indicate that the short term downtrend from 1.5901 may be aborted). I will try to trade this retracement. MACD divergence is nearly complete. 1.5760 has strong resistance, as the the Weekly R1 and Monthly R2 pivot points both reside in this area. 1.5600 is my target, as this is the 38.2% retracement level as well as the Wave4 low.
This is a zoom-in of Wave5 from the 30-min chart. It appears that this wave is nearly complete. Wave-5 of Wave5 is forming as an ending diagonal. There is also RSI and MACD divergence on this final wave. I will go short on a break of the ending diagonal with a stop above the recent high.
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