If you short this pair now that it has gone below 234.22.... you will be expeirencing drawdown till we reach 235 or 235.34....
As for me ... I will try to take advantage of this price turn and I already placed a long trade planing to exit around the 235 area . Then from there I will have a better position to place my new SHORT Trades.
Based on Elliott Wave Count I am doing now, this retracement is the sub wave 2 up going to area of 235 for a 61.8% retracement which is common for wave 2 corrective waves. once reached... it can proceed with the sub wave 3 down which is normally the longest and is 161.8% to 261.8% of Wave 1. or could still be more.
Another thing to consider is that at 235 price level, I might just as well place a nice trade to last me 2-3 days which I think will be needed to finish the rest of this move down to the 219 area again with out necessarily having to exit my trades as there is a possibility that it can still go further down.
Adding short positions on retracements as this price keeps going down could be beneficial too.
EG
PS.. this is based on my amateur EW count. and not to be used as basis for live trades.
It just so happens that it matches some of the directions provided by technical indicators.
