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

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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.


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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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
COVER 622.33 last
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.
timwest timwest
620 this morning...
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Covered 1/2 stop to cost will exit b4 eearnings , great set-up ty
+2 Reply
Shorted today after 680 was rejected so far so good...
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timwest TASAVANT
Thanks for pointing it out!
Do you think it can still go down? How would you contrast your time at mode with the Elliot count in this case?
IvanLabrie 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.
thanks for this post timwest
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