Hey Zohaib, I guess the one other thing I would be considering is that on the weekly chart you have a double bar low just a couple of bars to the left which are pretty much in line with the bar lows further to the left side of the chart (touching the trend line). To me that looks like a trouble area not far from where we are now, so I would personally prefer to have seen a bearish outside bar that closed below those bar lows on the weekly TF
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