Wow...It takes me a long time to get in line...I have only followed Tim Knight for several years, but only now have I discovered the greatness of Prophet Charts...This is my first chart find from his pattern.studies...
Here are a few things I like about this chart...Notice how the swing high and low stopped almost exactly at the fib 61.8% level...That is just magical!
Now look at how it bounced off the sloping upper trend line. Funny how that works...
Now it is perilously close to its lower trend line...It tried getting back up but sellers came in...Here is the plan...Short trend line break...
If it gaps lower...wait for it to attempt to climb back to trend line and get short...Target is around 52.00...
I would bail on this if it crashes through trend line and then in the same day closes back above trend line.
Hope you enjoy the chart...I will be doing more of this in the future!
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