1) overall context bullish as from what i can see to the far left price was in a large trading range and trading at the bottom of that range. 2) wedge bottom just before your short entry. 3) 27 bars back exhaustive climax (big red bear bar) with no bear follow thru bar but instead immediate buying. That was followed by a sideways price action in the form of a range or you could even say a triangle (although it doesn't look like a triangle but that doesn't matter one iota) as three pushes up in a sideways move is a triangle. But, you can call it a range or triangle. Triangles are PA just waiting for a BO. Bo can happen in either direction. So, over context PA at bottom of larger TR. ALSO, AT WEDGE bottom. THEN sideways PA. ODDS favor a BO back up towards to larger TR top. I don't know what happened after that but odds favored at least on good leg up and perhaps two.
%% Sure, Iron chief; i also use a 50 week moving average to substitute for a 200 dma, some use a 40 week moving average. So back to my example ;click up a 3 year weekly SPY candle chart[ or barchart]. NOW Notice how the polar bears sometimes SLAM it below 50 week moving average . MODERN TRADER magazine considers a down move of 20% [2015] a bear market, me 2, some use a 200 day moving average for that. GOOD uptrend for SPY,QQQ, 3 year[ except the time in 2015 it was closing below 50 week/200 dma.....] Good downtrend[ bear trend ]for TGT, 3 year chart, 50 week moving average.Mostly below 50 week moving average. Most companies are NOT run as bad as TGT- LOL