As I wrote in my NDX thread I am finding charts in weak position to short considering that there may be a market correction in the pipeline.
When a correction comes, weak charts will often move first and so it can be useful to get in early if you have an awareness.
If there isn't a market correction then no harm is done since the chart is already in a weak position.
CENT is a Nasdaq stock and so if the Nasdaq corrects then that bearishness can reflect into CENT chart.
I know that you're probably thinking that I can't short a garden and pet company but thats what i'm intending to do 😅.
Notice at the peak of the bounce was a gap-up-dump-down bearish momentum candle that prints the SRP shakeout through the 4 hour 50 moving average btw to complete the bounce retracement before the bearish trend reasserts.
Following that we have a gap down and another bearish momentum candle.
And now today there is a strange pre-market gap down followed by a gap up at the open which gives me an opportunity to enter a nice short
So there is a lot of bearish momentum and I think this signals another equidistant wave down to the 1:1 extension @ $43.75.
In entered at the open and its been turning bearish while I have written this / copied it across.
Not advice
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After looking very bearish there has been considerable whipsaw coming in with another big gap up today.
This is a show of strength and not what I was looking for so I will set my take profit to breakeven.
Hitting moving averages again as described in previous post is not a good sign.