On the month chart , last month was a bullish month. However, for the definition of trend reversal to hold true, there needs to be another bullish expansion month before it can be said that this 10 month trend has changed.
however this is not the case yet.
on this timeframe, I can see price went above the 2 months high for a few days, before it closed below this level strong.
Pending a strong day close now, I will look to see this as a regret move of eager bulls who chose to buy on a breakout.
From macd divergence, it suggests price may have the potential to top out at around this level.
I am keen for a short, but I want to be prudent as the past 7-10 days had been bullish. I will want to wait for a last retest in the form of a right shoulder before joining in to short.
Will update again.
price did not reach the right shoulder level and showed signs of rejection. Hence this trade was not entered. It was a good case study of staying patient and being prudent in trading.