I like this area to sell short because I will know very quickly if I am wrong or not. I did not draw my stop or entry as this chart is already busy enough. Entry: short $17.30-17.50 limit Unless pre market gaps up, then stay out. Stop $19.50: This is a worst case scenario stop, if the market closes above the lower green median with a volume of over 123M shares traded throughout the day get out and do not wait for your stop to get hit. Take Profit: $11.00 Lock in profit behind market structure as it drops. I see potential buyers around $14.00 so do not let your profit evaporate but give it some room to breathe.
I believe the indexes and group averages are in a normal correction which is not complete. I see distribution and short selling accumulation which indicates lower prices in this particular stock. I see potential here as it offers me great risk to reward If I am wrong I will know very quickly. Until this market gaps up pre-market or has a daily close above the green LML with increased volume I see a fast sell off coming. I do not believe this support will be as strong as it previously was. If this market moves above the LML with increased volume and closes with good separation from the LML with increased volume I will not wait for my stop to get hit as my analysis may be wrong, I will get out.
Likely to be stopped out tomorrow morning, If I am it is what it is I will move on to the next one. I see serious weakness in the US market based on activity in the currency market however I am not willing to take on more risk for this individual trade.