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C1MG34 trade ideas

CMG Daily CMG daily chart to go with my monthly analysis. Looks like were heading for the .786 retracement instead of the 0.618. The Bearish crab completes around $398, but it will probably go to a solid $400. The pattern is perfect due to where it is. It coincides with the .786 retracement from it's decline at the $440 level, which is a perfect (aside from .618) bearish retracement. It is a crab that completes at the top of it's most recent run upwards, as well as at the top of it's bullish channel it has been in since December of last year. In order for a more larger bearish move IT MUST REVERSE AT THAT 0.786 LEVEL. Otherwise the pattern is void.
NYSE:CMGShort
by climbing_stars
I guess Jeffrey Gundlach was rightKissed 0.618 3 times in a perfect bearish retracement. We either have a bullish AB=CD pattern or a bullish bat. Given that the the 2.0 and 0.886 extensions are so close together in the PRZ it is possible that we tag this area. If not then I guess its a AB=CD. As far as volume analysis goes; first notice the downward sloping volume since the start of the 0.618 retracement. The bigger picture on volume though is the dome shaped rounding top since the start of the trend. Look for a spike in bearish volume quite soon. Like Jeffrey Gundlach said, "I hate the chart, I like the products."
NYSE:CMGShort
by climbing_stars