The CP short trade has played out exactly as expected so far and is now back to the bottom of the wedge following the wedge overthrow on which this trade was originally shorted back on Oct 24th.  So far (knock on wood), that entry (94.56 at the time of the post) proved to be a mere 27 cents off the all-time high in the stock.  However, this trade is now only up 4% but still looks good and should provide another objective short entry or add-on once/if prices break below the rising wedge pattern.  Assuming that the wedge breaks down from current levels, this trade would still provide an 11.7% gain to T1 and a 22.7% gain to T2.

For those who shorted at the original post, consider a stop slightly above the recent highs (94.83).  For anyone entering on a break below the rising wedge pattern, consider stops commensurate with your preferred target using no less than a 3:1 R/R ratio.  I would also consider only shorting a partial position size, maybe 1/2 of your usual position if you do not already have a position in CP with embedded gains as the market is within 3% of my first swing target area where I do expect a meaningful bounce.  Therefore, I could easily see CP breaking down from the wedge pattern soon, only to retest the wedge from below after the market bounces off support.  If so, that would provide yet another objective entry, albeit at higher prices than current levels.  Original and updated daily charts: