CSE Short Trade Idea update

I posted a follow up on CSE on 7/21 in that follow up I said, "I would have liked to see a target around $6.40-$6.50, maybe we still will, but the charts are falling apart."


As the market would have it, CSE ht that target zone this morning. Here's a look at today's charts.

 Here's the weekly chart, CSE gained about 700% since the 2009 bottom, note the recent red volume in the top area.

 Here's a look at the daily chart and the target zone I was looking for to enter the short.

 This is the 5 min chart of today's intraday action thus far.

 The daily 3C chart seems to be calling this a top with multiple negative divergences including today's.

 You can see the negative divergences on the hourly chart during past attempts to clear the top's resistance level.

 The 15 min chart is negative right now as well.

 And the 1 min chart is negative on the open.

While you could try a trade in this area with a stop of your choosing, I would prefer to see the 15 min hart look a lot worse before entering here unless you are aware you are taking a more speculative trade and have planned for that. The highest probability entry is on a break back below the tops support/neckline. If I see the 15 min chart deteriorate more, I'll post another update.