The WFM short hit the first target (T1) today for an 11% gain from entry.  I’d probably put about a 50/50 chance on whether or not we get a decent bounce before breaking below that level but my preference is to ride out any bounce and hold out for T2 before booking any profits on this trade.  If we do bounce, any move higher would likely be contained by the 40 week ema which is also the 200 day ema, as that level had done an excellent job of defining the bulk of the previous bull market in WFM from Nov ’08 until February of this year (when prices fell below and have remained below that level since).  As such, any bounce back to that level with a stop on a weekly close above would provide a very objective short entry.  Another objective short entry or add-on to this trade would be on a break below the T1 support level (which is actually around 82.40… price targets are set slightly above support on short trades to help assure a fill). Updated daily & weekly charts below.