PCLN Update

We are starting to move to the next phase in PCLN, the breakout from the bull pennant this morning is starting to show some distribution, typically it's not immediate as they don't want to kill momentum by putting a lot of supply in the market, but it eases in and it is easing in now. I like PCLN as a short long term or a partial short on a phased entry here, but I only have about half to add so I'm going to be waiting for the strongest signal that just jumps off the charts.

 The bull pennant from this morning we were expecting an upside breakout from and subsequent breakout (see earlier PCLN posts). Volume is up, not what I'd like to see yet, but it has time.

The initial intraday 1-3 min charts that were positive yesterday and in to today suggesting this intraday breakout to the upside are now starting to go negative-1 min

2 min the same

And the 3 min is just seeing migration.

The 10 min chart is in line, when this is clearly negative, that's likely when I'd add.

It would have to look something like this 60 min leading negative which should look even worse by then.

One step at a time, it's doing what we expected, the trade is coming to us rather than us chasing the trade.