I last posted about this trade here. I am going to go short @ .7860, stop @ .7915. My target is below .7800, and I will trail my stop if price breaks lower.
So far, it looks like Wave1 and Wave2 are complete from .8186, and Wave3 seems to be starting. Price is being supported by the rising trendline as well as the S1 pivot, so I will go short if price breaks below these levels. MACD and RSI divergence concern me, but if Wave3 is really starting, these divergences will be cleared. My stop is above the congestion zone at .7900