Short Commonwealth Bank of Australia at 156.25 Target 132

Hello Followers

Id like to take another shot at shorting CBA here due to the interesting risk reward setup.

I had failed trying to short this once in the 130's and have been patient waiting for another setup.

Fundamental Reasons:
-Potential rolling over of the Australian housing market.
-Extremely high valuation

Technical reasons:
-False Breakout above the 162 level that got heavily sold
- So far the retracement bounce has hit the 1st Fib level at 156ish, bringing about a great risk reward setup.

Stop 160.2.
Target 132.00
Risk/Reward 6:1 !


Thanks!
Kavi