I recently posted a chart of the DOW saying that we are very close to a major correction, if not a bear market. So it's time to look for shorts. Kellogg
has a very nice pattern forming, a double top
, with a divergence and a false breakout. I won't short it yet, I will be looking for a daily setup, which is probably coming in a few days. First target is around 63$ - 64$, this being so close to where we currently stand, just in case I'm wrong and there won't be any serious correction in the market. Second target is around 58$. Under that, either we will be in the middle of a bear market, or there will be some serious issues with this particular company.