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."
CHMG trade ideas
CMG short sale setting upI believe this is just a rally back into resistance here on May 22, 2012 at 404.48 +11.15 or 2.83%.
I will wait until tomorrow to short and I will look for a 410-415 IDEAL ENTRY LEVEL and will look for a 384-380 target.
My stop will be 425-430.
Just giving a heads up early.
Cheers.