The corrective rally went a tad higher than expected, but now, with the stock relapsing, the bearish target at 34.00 disseminated here earlier still obtains. The chart shown corrects it slightly, to 33.96, but the so-far 8-cent breach of the midpoint support at 36.13 is not sufficient to infer that the implied further slide of $2, or about 6%, is a done deal. In fact, as long as the stock is within a dime or so of the midpoint pivot, traders can position from the long or the short side. If using the camouflage technique, I’d suggest looking for your entry opportunity on the 1-minute chart, where the day’s final bar was impulsively bullish.
