All Quiet … So Far

Today’s action shows us supply is building and/or, profits are being taken, or it’s an outright reversal.

The last update presented a possible (short) target.

This update shows how action may get there; via an aggressive trading channel (not advice, not a recommendation).

One question to ask, is this:

‘If I was (already) short this market, where would I put my stop?’

If your eyes instantly go to 240 – 245, (purple oval), well, that’s where everybody else has (likely) put theirs. 🙂

Carvana CVNA, Daily

It’s around mid-session (12:25 p.m., EST) and CVNA, is just touching the right-side channel line.

Anything can happen and CVNA could break down.

However, from a risk reduction standpoint, the target area shown appears to offer the best short potential (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279