Long Term Head & Shoulders Pattern Forming

It looks like $YELP is entering a channel of rapid decline again just as it did earlier this year. After getting a boost from the $OPEN buyout, investors are starting to put less emphasis on hopes of a buyout. Janet Yellen's comments earlier this week on the extended valuations of smaller cap tech stocks is definitely not helping $YELP's cause either. For a company trading at an extremely rich multiple, especially for one who is not churning profits, these are dangerous levels.

On the techs, if we break down below $66 here I believe the H&S pattern continues to take shape sending $YELP to sub 50 by late this year. MACD is also trending downwards strongly and has recently crossed into the negatives. Bearish on this name through 2014 YE.
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