timwest
Short

Chipotle Mexican Grill -CMG -Daily - Rallying into supply =SHORT

NYSE:CMG   CHIPOTLE MEXICAN GRILL INC
333 10 5
With Qdoba (JACK) breaking out, and CMG             rolled over and under 28+ days of supply at 675-680.

If you can risk a rally to 682, just over a 2% rally, then I see reasonable chances for a drop to $625 or the middle of the gap from the July jump.

Tim

11:40AM EST 9/19/2014 Friday This was just 667 when I started typing... now it is 664... wide spread..
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thanks for this post timwest
+1 Reply
Shorted today after 680 was rejected so far so good...
+1 Reply
timwest PRO TASAVANT
Thanks for pointing it out!
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Do you think it can still go down? How would you contrast your time at mode with the Elliot count in this case?
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IvanLabrie PRO IvanLabrie
I mean, the volume isn't too big on the buys and it looks like a wave 2 top honestly, or a corrective B wave.
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Covered 1/2 stop to cost will exit b4 eearnings , great set-up ty
+2 Reply
Their forecast for low single digits sales gains is an interesting negative - let's see how 640 holds overnight. I'd think 620-630 or lower by tomorrow with analyst downgrades after a disappointing forecast.
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620 this morning...
+1 Reply
COVER 622.33 last
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625 is the key level from the last earnings report - I think the stock will hold here. A great place to cover. Analysts will come out and defend the stock at this level over the course of the day and into tomorrow, in my opinion.
+1 Reply
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