Showing extreme amounts of bearish divergence on the daily, breaking immediate trendline and bearishly engulfing on the daily a pullback to the $326 area seems likely.
Comment:
Oh boy this played out wonderfully I have taken some profits and plan to hold the rest of my position a bit longer while lowering my stop in profits.
Comment:
To anyone else wanting to take this trade further; You can hold some of your position beyond the original Gap fill and possibly go for lower targets as presented on this chart:
Comment:
182 will be our extended Profit Taking target.
Trade closed: target reached:
It exceeded even the extended profit taking levels very nicely it's time to get out.