The IACI short recently exceeded the first suggested stop level for the add-on lot (or new entry on the bounce back to T1) but stopped cold at the 200ema which I mentioned as a key resistance level for those preferring to give the trade some more room. Once/if the recent lows around 41.90 are taken out, the odds of T2 being hit soon will increase sharply. Updated daily chart & 2-day period charts below.
This recent bounce in the broad market reminds me a lot of the market action leading up to the Sept 14th top whereby the market makers and other institutional manipulators are leveraging their buying power in this low volume market to run the stops on the stocks with the most bearish pattern just before loading short (or exiting long) themselves right before the bottom falls out. As it was back then, my preference is to give my swing-short positions a lot of room regarding stops, favoring the longer-term targets (although I often micro-manage those trades off various targets if the charts and/or broad markets confirm a bounce) and take profits quickly on any long-side trades. Micro-managing may be taking partial profits on an early target; taking full-profits with the intention to re-enter after a bounce or maybe a break below that support level; taking temporary long-side hedges; or even covering the short & reversing the trade to a long off support/target to play a quick bounce before going back short again.