COLM (Columbia Sportswear Co.) offers an objective short entry on this breakdown below the Ascending Broadening Wedge pattern. COLM will be added as an Active Trade around current levels with a suggested stop on any move above 63.80. Price targets are shown on this daily chart with T3 both the final & my preferred swing target at this time.
COLM daily Sept 28th
There isn’t much to add since my last market update posted on Thursday (first chart). My alternative scenario (a move up to the 104.70 area before a resumption of the downtrend) has played out and I don’t see any reason to close any short positions at this time as the market is likely to continue down to at least the Aug 24th lows in the coming days/weeks, relatively minor snap-back rallies notwithstanding. I remain in swing-trade mode with bearish (net short) bias while I continue to devote most of my time to working on some new features to the site which should be rolled out very soon.
-
- QQQ 15 minute Sept 24th
-
- QQQ 15 minute Sept 28th
