You know I've had to hold myself back from posting just to prevent myself from getting too emotionally set on seeing a bear market within the next few months. That being one reason, & 2nd reason being to the tendency to stay away from a trade that isn't a clear top or a clear bottom with a direction clear enough for me to take a high or even semi-high risk on....
This 120m chart of PNW is a follow-up to the daily chart posted earlier today. From an Elliott Wave perspective, I see recent price action as a flat correction (3-3-5) nearing completion into the 50% Fibonacci retracement level. RSI overbought and starting to show divergence means that the rally is losing momentum. Looking for the stock to roll over and begin...
This daily chart of PNW is showing three separate reasons to get short:
1. Price recently broke through long-term trendline support
2. It looks to be carving out a Head & Shoulders pattern
3. The sell-off from the high was impulsive, followed by a sideways correction
Initiating a short position at 82.50 and looking for the stock to roll over. Immediate profit...
Downtrend with a pullback to re-enter into the downtrend. There seems to be a large demand level at our target area, and so this is why the target is placed here. A good 3:1 reward to risk. Lock in profits at 1:1 reward risk. There is strong support at 52.30 by looking at the daily chart. So look into that level for your own targets while you lock in at 1:1
