Guys, $ALLO pumped hard but now it looks tired and it's taking a rejection. I've drawn a clear short (sell) setup on the chart because the market looks ready to drop
My plan is simple: keep the risk small at the top and catch the targets on the way down.
🎯 My setup EP, TP & SL:
EP: Around 0.4100 - 0.4300 (Right now price is near 0.409, if it goes a bit higher, it will be the best short entry).
TP: Target is on the downside.TP1: 0.3650 (Right at the old blue support line)
TP2: 0.3200
TP3: 0.3000 (All the way down to the bottom)
SL: 0.4600 (Kept it just above the 0.618 Fib level and liquidity so we don't get trapped in a fake pump).
🔍 Quick Logic:
Simple thing is, price is unable to hold up there and making lower highs. SL is in a safe zone and targets are down at the major support. Small risk, big reward.
What do you guys think? Will it drop straight to support from here? Let me know in the comments! 👇