On the 60 minute chart above you can see we got a lower swing high followed by a lower low on significant relative volume. We also bounced off the upper Trend Line and accelerating into the downward channel. We closed under the 8ema and all the moving averages on the chart. Notice how the Bollinger Bands are blossoming outward. That's an indication of continued momentum in the current direction.
All of this is constructive for our short position. If we continue this trend, we'll be well into, or beyond, the open gap 124.26 - 123.06 just below us. At the moment, we're on target and looking good.
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