$GOOG Short!Happy 4th to all you Americans! Hoping this short will work out, technicals are looking good. I have a NASDAQ:GOOG short coming in, here are the entries and exits for my positions followed by my rationale.
Entry: 128.61
TP1: 124
TP2: 120.05
TP3: 116.5
TP4: 113.37
Rationale:
1) Volume slowing: On the Weekly TF, the volume has significantly slowed down showing a lack of buyer conviction
2) Momentum is... good? Momentum for now is about 54 showing a sign for Buys yet, when cross compared to other indicators and liquidities, it paints a far different story.
3) Divergence: On D TF there is clear bearish divergence.
4) Wyckoff Distribution: Thus far, I am identifying the recent low as a ST MSOW, major show of weakness. A strong lack of conviction to move into higher regions. I expect a small bounce as last point of resistance but a short in inevitable.
Strong feeling about this call! Technicals look right to me, lets print boys.
