the CMG short set-up based on the 4-hour chart has unofficially triggered. unofficially meaning that one could objectively enter a CMG short now as prices have broken below below the previously posted uptrend line. however, a candlestick close below (on that same time frame) helps reduce the odds that the move below proves to be a temporary blip (fake-out). i will move this to an active trade if CMG prints a 4-hour close below, but i do believe one could short it here with the appropriate stops above.
i’ve also added an updated 2-day chart which shows the bigger picture potential on this trade. i’m not crazy about how few touches that multi-year trendline has but all the same, i have listed targets below which could be hit if that uptrend line is broken. 4-hr chart first, then 2-day.
