Here is a simple rising wedge pattern on google with bear gap resistance above you dont want to get caught guessing the top because there is no way to tell exactly when price will reverse. Just react and catch the move when it presents itself. Expect to enter after either A) Gap Down, B) intraday Head and Shoulders or C) intraday bear flags.
Look for the B wave completion in the next few days. If this happens it would be good for a short down to $131. I would grab an option 2 Fridays out once this is confirmed.
Sometimes live can be simple.
This trade is simple to me.
Let's examine it:
1. Over all Indexes are not favoring the long side.
2. Price reached the Center line and get pushed back.
3. The Divergence in the RSI is significant.
...and the rest is Risk & Money management.
My stop goes a couple points above the last high.
But I probably play it with Options and...
