CMG
has had a helluva run, but I am of the opinion that it is reaching the top of it's 3rd Wave up, sitting right at the 1.618 fib extension of Wave 1. Also very near current channel resistance trend line, which adds to the short idea. Personally I look for the pullback to drag CMG back down to the low 600's, around 615-620 area most likely. Crazy as it may sound however, I really do think this is only the 3rd wave up, and expect to see a 5th Wave extension, in this case quite possibly taking CMG all the way up to what some would say is the astronomical price range of low 1300's. Rough sketch of candle path on chart. In any event, I am looking for CMG to run out of gas very near current price area, and will be initiating a short position very soon, most likely before the end of next week. Stochastic has also been coiling very smoothly near its top range, and I look for a breakout to the downside to very nearly coincide with stock price decline. Happy hunting, and GLTA!!
