CMG update

In my prior post on CMG I recommended to go short at $550.  That was obviously too early.  Still, I do not think it was the wrong call and if you are short this then consider doubling down at these nosebleed prices.  If it goes above $600 then I would cover and that is only a few bucks from the current price of 596.18.  But look at how the chart is respecting that resistance line as clearly seen on the right hand zoom in chart. 

This was a second wave vee bounce which should proved to be easy money for a new short.  IF it can go higher than the old high then the count is all wrong but I would not even stand for a move above the trend line.  The loss would be measured in fractions of a percent whereas the gain will be huge in shorting this.  It will go to the level of the prior 4th best case which is $240.  You do the math.