USDCAD 15M Short | Evening Star

Candle Pattern: Evening star
Trend: down
Trend Entry: wait

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .764
Fib TP: 1+
Stochastic: over-bought
MACD: bullish
200SMA: above
BB: n/a
Pivot Point: R1


Elliot Wave:
Currently on wave 5
Looking for a final wave 5 low or a retest of the last low


Notes:

Entry placed at 764 of last swing high, above 200sma, shy of R1 pivot

stochastic showing over-bought at time of entry

macd is showing bullish strength at time of entry. Was bearish at time of analysis


What can go wrong:
could start the ABC upside correction instead