July Corn "h" Breakout

Is it the bullish double bottom or the lower case "h" bearish pattern? As of yesterday people had opinions but nobody knew. If today closed over the 8ema I'd trade a double bottom. If closed under the previous swing low I'd trade an "h" pattern breakout.

Do you see where the little hump between 3/18/20 - 4/1/20 looks like the little hump in the lower case letter "h"? Then do you see the long steep line coming down from 3/4/20 - 3/18/20 looks like the vertical line to the left of the little hump in the letter "h"? This pattern has the expectation of continuing down if the right side of the hump closes lower than the left side. Do you see we had that today? That's an "h" pattern breakout.

Since Stochastics are so low I want to exit at the first possible support level. The first I see is the 127.2% Fibonacci extension level. But its very feasible to go down to the 161.8% Fib extension. However, due to the extremely low Stochastics, we expect a bounce off the 127.2% Fib level first. So, we'll exit at the 127.2% Fib and watch for an opportunity to re-enter a short position to target the 161.8% Fib.

I see some bearish signs and some scary things that might argue to wait for entry. Here are the pros and cons for entering short.

Pros:

Down trend.
Bearish engulfing pattern at apex of "h" pattern.
"h" pattern Breakout.
Repeated pattern Mar 2 - 12.
Below all MA's.
Haven't closed above 8ema in 21 bars.

Cons:

We made a lower low than the last swing low and closed under the previous swing low,

but not by much.

It is not unusual for a double bottom to have a lower low on the right side.

Stochastics are extremely low. (But you can see where this has happened before on this chart and price still went down. Stochastics can peg at the bottom and the top.)

Yesterday formed what's very close to a Gravestone Doji candle on very low Stochastics. That can be a reversal signal.

Bottom line:

4/3/20 Bearish Entry 335 3/4
Target #1 325
Target #2 309
Stop Loss 346

Risk 335 3/4 - 346 = -10 1/4 * $50/pt = $512.50
Reward 335 3/4 - 325 = 10 3/4 * $50/pt = $537.50
R:R 1:1.05

Risk/Reward not very good for the first target alone, but if we use the 2nd target, which we do plan on going for if things work out as planned (this is a very rough calculation for an approximate R:R):

Risk 335 3/4 - 346 = -10 1/4 * $50/pt = $512.50
Reward 335 3/4 - 309 = 26 3/4 * $50/pt = $1337.50
R:R 1:2.6