ABC Reversal off 42.19 resistance zone to initial projected 618 target 42.01 Risk:Reward 2:18 9R Trade
Was looking for a lower high failure against 42.19-22 resistance (prior support) for a possible ABC move targeting initially 618 projection at 42.01 level, followed by 100% symmetrical move as per the attached chart.
As price approaches 42.19 level on lower volume, I could see Cumulative Delta volume divergence & heavy selling as buyer being absorbed by sellers against that level. sellers continue to press as price taking out prior bar low and making lower lows lower high on 1 and 5 min charts towards initial target.
Stop was at 42.20 with entry at 42.18 targeting 42 round number to clear stops below 42.02 prior swing low. which gave me a great Risk :Reward setup of 2t:18t profits =9R
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