Elliot Wave: possible Wave 4 completion and the start of wave 5. Wave 4 is at the edge of the wave 1 zone making for a high probability entry to the downside
Notes:
Entry placed at the .764 level at the R5 pivot point where 20 SL extends in the wave 1 zone
stochastic showing extreme overbought and momentum slowing down to the upside
What can go wrong: crossing into wave 1 territory would invalidate the downside elliot wave trend and might actually be the start of a new elliot wave to the upside