OneTrueSloth

Garmin bearish Cypher short trade setup

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NASDAQ:GRMN   None
Garmin has hit the pattern completion zone for a bearish Cypher, which presents a low-risk shorting opportunity. As further confirmation of a price action reversal, there is daily RSI/MACD bearish divergence. The Cypher resides within a large upsloping channel and the PCZ is at the 75% line. Depending on the momentum as the price starts to trend down, one could maintain a short position to the 50% retrace of C to D (common retrace), down to the A or C price points, or even to the bottom of the upsloping channel.
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