Ferrari short entry at $ 46 [Just an idea]

Hi traders,

We are currently looking at the daily chart of Ferrari. What do we see on the chart?

• AB=CD pattern completion at $ 46
  
• The big reversal in May 2016 was started at $ 46
  
• If we draw the Fibonacci retracement from the moment of the Initial Public Offering in late 2015 to the low swing of February 2016, the 50% retracement end up just above $ 46
  

All in all, I think this is a good opportunity to go short.

Entry: $ 46
Stop: $ 47
Target: $ 43 = R:RR 2.63

Good luck if you take this trade. I will keep you updated.

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Dagangan ditutup: hentian tercapai