PCG has been trading in the $48.6 to $39.4 range for the last 2-21/2 years (can be seen nicely on a monthly chart). It has just turned down from the R level and semi-confirmed the downward motion with a secondary, lower, peak.
A short, at the current level, will yield ~1:10 risk/reward ratio (if we have the stop-loss at the recent peak) or a conservative 1:6.5 (if...
After forming a double top base around $45, a A-B-C Elliott wave retracement has been in an expanding range. Ultimately the bearish price divergence indicate the swing downtrend is continuing. If that occurs, the next target, and likely forecast resistance area, is between $43 and $42 (0.5-0.61 fibonacci) in 30 days - Gann time
