Golden Short Setup
This is not truly Golden it is just a play on words. Here we have a typical retracement against the trend setup. One trend measure that has written about by a few people over the years is just using the RSI and it's absolute value to determine trend.
I discovered this about 10 years ago just playing around with concepts and did use if for short term trading. More recently, Larry Williams has referenced this in his writings. Great minds think alike? Just kidding about that, but he suggests the 44 period setting so we will use that for this discussion.
Above 50 indicates an uptrend and below 50 indicates a down trend. The PercentR is a short term measure of over bought and over sold taught originally by Larry Williams. This tool is part of most software packages for trading. As you can see it indicates an overbought condition in a downtrend, hence a sell opportunity.