Trade Idea HBI (short)

 I like this top, it comes complete with a false breakout, heavy downside volume on the failure of the breakout, a negative RSI and more.

 Here's the daly 3C calling the false breakout on the test of resistance.

 The same distribution can be seen on the 60 min chart

 As well as the 15 min chart

 Currently there's some 10 min distribution on this bear flag.

 We see it again on the 5 min chart.

The first top was called as well by ADX turning down, as it did at the second top. The Trend Channel has held the swing moves well and I'd consider it as a stop in the $32 area. I like the trade right here. There's about $1.40 risk in the trade and the first target around $26.00 giving us at least a 3:1 risk:reward ratio. I think ultimately there's even more downside, I just see $26 as an area where a consolidation will occur.