Watch This Break Down With Me

Within four to five hours, this chart should break down. It's made lower highs and lows over the course of the day, since the break of the big Tulip Trust news earlier this week. Volume has trailed off. The last low sits on the 0.236 Fib. Without another big news story before the next morning, this should continue to drop. I believe it will, at least, wick down to $240, and might fully retrace to $225 before waiting on another dip to $200 or so. Further drops would be unlikely, but $180 has served as support before.

Any new news in Nchain/CSW's favor would invalidate this chart and send it screaming upwards again.

Trade active:

Needs to max. out here no higher than $300 this hour, or may already be invalidated.

Trade active:

Riding the upper trendline, but needs to break below $280, and fast.

Order cancelled:

Did not break down as anticipated. Riding a higher, potential trendline; waiting for confirmation. Other traders suggest another run to new ATH or even higher. Will reassess later.

Order cancelled:

Bounced off the 0.236, now hugging the 0.382, waiting for something to change...

Order cancelled:

So I was right, just took a little longer to play out. I did not republish before the drop below $280, as I had to keep extending out that trendline. Not knowing exactly where it would decide to die, and never getting more than two touches on the trendline, I didn't want to keep guessing. Should keep slipping. Next stop: $250. After that, barring no new news, I still expect it to keep slipping.