I am using the same drawings as before for this update to show that market conditions remain the same. I only adjusted the upper trendline to account for the latest pull-back. Each time a target is hit, there is a pull-back or retrace.
We are looking at PEPEUSDT with a bearish bias. The bearish bias is based on a long-term sequence of lower highs and lower lows. Our SHORT trade hit 5 targets already and this pull-back opened the door for a new entry, a second chance.
After the 4-November session, we had three very strong green candles. The fourth candle, yesterday, ended red and as a reversal signal. Today's candle is also red. This chart setup can be traded with a tight stop-loss. I say with a tight stop-loss because even though the bias is bearish, market conditions can always change.
Lower highs lead to lower lows. Everything on the chart is pointing lower and we trade based on the chart.
Today can be a decisive day. A weak close, reinforces the bearish bias and secures the next drop. A strong close (bullish), would put this chart setup at risk.
Thanks a lot for your continued support, it is truly appreciated.
Patience is key.
Namaste.