PCLN Follow Up

Yesterday I posted "PCLN Possible Trade"

The one thing I wasn't crazy about was this chart...

 PCLN has many of the features I look for in a reversal from an upward trending cycle that is ending. First the lateral movement that has created a clear resistance zone is very typical, we also have a break out on the close above that zone, which failed (at the white arrow).  I'd prefer that the breakout had been bigger to attract more attention, but it's there, possibly we may get one more.



And we did get one more, one that wasn't questionable, but clear.

 Here's today's chart showing a clean break through the resistance level.

 On the 15 min chart we have a negative divergence as 3C did not follow PCLN to the new high.

 It's evident all the way to a 30 min. chart.

Again, this is what many reversals look like, so if you are inclined to try the trade, there are a couple of approaches. One would be to short here with a stop a few percent above today's intraday highs, the second would be to wait for confirmation of the false breakout with price moving below the $520 area.