Inside technicals and chart patterns by 
When swing trading, you have to put the amount of the correction you’re expecting into perspective. A bounce on a 15 minute chart is going to be a smaller move as compared to say a 240 minute chart like what we have below. And more importantly the 15 minute may very well not even be in a trend to set up a swing trade. (I have an example of the 15 min at the end of this update.) Playing shallow corrections will hurt in the long run and expecting too much of a correction will have you either waiting for an unrealistic entry or flirting with a trend reversal.
The downtrend line of the wedge pattern alert (above) is one way of measuring not only the resistance of the downtrend but also the trigger for the reversal.
There’s another important level to watch in a downtrend and that’s the 34ema low - otherwise known as the bottom line of the Wave. This is also a great corrective short entry and the top line of the Wave is an perfect way to compliment a pattern but identify the downtrend resistance.
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I prefer to combine both…you’re going to need the Wave anyways to identify the trend and so why not use the support and resistance it provides as well…
…and here’s the 15 minute chart: Would you consider it a downtrending market based upon the direction of this time frame? Look at the angle of the Wave.
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