598XT045
Short

Risky short on ELLIE

NYSE:ELLI   ELLIE MAE INC
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Bearish Divergence has been on RSI and Fisher for a long period of time. A newer shorter term bearish divergence has also appeared within the larger one. Entry I look to enter on a test of the previous high. Stop is at the R1 for the monthly and also would break the trend line for the tops trend line formed. Holding past the 50 week EMA is risky as it is strong resistance and if it does not make a new high after touching the this EMA that would indicate another bearish signal to me. Blue lines are S/R lines I eyeballed. Let's see how it goes...
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