STI crash incoming: This Was Unexpected!!

Hello there, traders!

We're considering a possible sell setup for

$FTSE Singapore Straits Time Index (.STI.SG)$

And here is why:

1.) On the daily chart, the price has been declining since the beginning of March 2022 to the present.

2.) Price fell to its lowest point on June 17th, 2022, before retracing back up to the 50% Fibonacci line. The price then crashed back down with a retail double top.

3.) There may be a pullback to catch the bearish momentum with a possible sell entry, but if the bearish momentum continues, we expect the price to drop further to the 3038 level, where multiple previous swing lows are located (Liquidity)

4.) I'm hoping for a pullback sell entry near the 38.2% Fibonacci line at 3219.

Anyone else have a bearish outlook?

Trade Entry recommendations:

Sell Entry: 3219

Take Profit: 3038

Stop Loss: 3297

Other tickers to recommend:

For 5x Long Leverage: $STI 7xLongSG250529 (CWHW.SG)$

For 5x Short Leverage: $STI 7xShortSG250529 (CZGW.SG)$