Yellow box: Market opens with a continuation downward, with 5m having made the top pre-market. 1m comes up to the 34 shortly after open, makes a bearish gravestone without 7J or sig-candle, then promptly crashes to the new low. Going by the 5m, we can see that there is no reason to get out, but 1m comes back to the 34 for another entry in case this is missed.
Purple circle: This area is important. The 5m fails to crash from the 34 touch, even though everything looks like a 34 reversal. There is a bearish engulf, 5m is below 0, 1m is on its downwave, and so on, but 1m makes a bullish hammer harami 7J before the new low, and 5m erupts to a new high. Note that the 5m makes a bullish harami signal when the MACD is just about to cross. I believe this signifies that the move needs to have a wave before we can look to short. It also signifies that there will be a test near the lows. This move needs to be studied more, but I had taken it several times in 2020.
Purple box: After the 5m fails and starts on its downwave, there is another pull up and a bearish harami 7J made at the top, which is the perfect entry if missing the earlier tops. This takes us to new lows. This 5m wave coincides with the 15m 34, which is tested twice on this day.
