Don’t let a countertrend move throw you off; the trend is still the main story. The daily chart structure for $WIF is clear: price is below the medium- and long-term moving averages, and the bearish alignment remains intact. At this level, a rebound looks more like an opportunity to enter short positions. On the four-hour chart, volume hasn’t kept pace with the rebound, and the cluster of moving averages overhead is acting as resistance. Structurally, this is still a recovery within a descending channel.

I’m paying closer attention to how price is received after it rebounds into the resistance zone. If volume fades and upper wicks appear frequently, the odds of a downward test of the previous low are high. A light short position with take profits taken in stages seems more appropriate in the current market. Don’t mistake a rebound for a reversal.

🔴 Trade direction: Short
📍 Entry range: 0.1612807 – 0.1615562
🛑 Stop loss: 0.1646286
🎯 Take profit 1: 0.1590108
🎯 Take profit 2: 0.1574057
🎯 Take profit 3: 0.1549980

Behold the vastness of mountains and seas; observe the market’s subtle shifts.
Join Uncle Xiong on the journey and witness the gains and losses of the world.

#WIF

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