*Correct your stop to $8301.
Thanks, have put in correction to the article. FYI It's not possible to edit/correct tradingview ideas after 15 minutes of publishing, for obvious reasons...
Since, the pattern is still in formation, I will wait for the confirmation. Even I am anticipating a bearish channel which will be confirmed by monthly close. The most probable scenario would be the drop to $7027. I would like to follow the trade. But right now, I am out of the market and just watching it.
You're right it's best to wait for confirmation, 2 touch points isn't enough, it requires 3. I'm taking the gamble, but if the pattern becomes invalidated my stop loss will move to break even.