You may recall, it's the "show me " trade, we are looking for a negative reversal candle like a bearish engulfing pattern, we may get one as early as today.
This candle has deteriorated all day, if it continues to do so, then it may engulf yesterday's candle, this was the trigger for the trade, the stop (in this scenario) would be placed above today's highs.
Here you can see the 5 min 3C chart and deterioration today and recently.
3C 5 min leading negative
You may want to watch out for this area and may want to see a close below this area. On this 15 min chart at the white arrow, there is a Tweezer bottom and there should be some support there so in my opinion, the probabilities of the best timing without having bounces intraday, would be a close or even a move toward the close below this candle formation as it represents support.
Otherwise, keep SJM on your radar, as I said in the first post, this reversal candle could come as early as today.
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