The high-volume shooting star
of January 2016 coincided with the bearish
breakout of the Stoch
TL. The highest point of the rally is not only an intersection point of parallel MLs
but also a Fib confluence level. These all suggest a bearish
turn in the trend. The area pointed by the red circle is likely to be visited, after which I charted two possible courses of action. For the time being it would be enough just to open the gates for lower time-frame shorts.