Yellow circle: 1m opens on a bullish spike, with the 5m MACD being A, but there is a clear decrease in MACD vs. signal line leading into the open. Shortly after the new high, we get a reversal, with a bullish gravestone doji 7J, and this sets up a great move down the rest of the day.
Orange box: On the bounce back up around 7:00, 5m makes a bullish engulfing after a spinning top 7J, so we expect at least a pull-up, since the EMAs are still not even bear-stacked. This sets up a 1m fake 34 rejection, for a burst to new high, followed by an immediate wave B. Standard. This wave B provides multiple bullish candles pushing higher into the 5m pull-up underway.
Blue circle: Somewhere around the top of the pull-up, 1m overextends with a great bearish engulfing top with MACD divergence, signaling the end of the pull-up. However, 5m stalls for another good hour, so we get another 2 new highs after this. This trade is secure, but a bit uncomfortable due to the long wait. We get closer to the 0 line on 15m MACD before the move actually takes off lower. The final blue circle shows the highest high, but is a much harder entry due to the size of the candles.
Yellow box: 1m pulls up above 0 for another wave on the way down, and this gives us a bearish harami 7J on the 5m, which is the second best setup on 5m for the day. The previous high had a bearish engulfing, but the tops get broken multiple times as mentioned before. This last setup gets us in right before the full crash.
Purple circle: 1m pulls up to the 34 again shortly after, doesn’t make another wave until 12:55 and has a few more 34 tests, but this is the last best high to get in on the short.
