SCTY Quick Update

Yesterday's Partial entry in to SCTY short is in the green, the stock is not acting well here at all. I would have preferred a gap up and that to be confirmed as a likely bearish engulfing daily candle as SCTY has been so flat during the top of the right shoulder, it seems that it's almost inconceivable that it would not run orders/stops above the flat range... I'm going to wait for it to break some support areas and see if it will build a positive divegrence to bounce, but otherwise, this looks like a right shoulder rolling over.

From yesterday, Trade Idea: (Swing Trade Plus) SCTY and SCTY Follow Up-Charts...

Yesterday's late action was very poor in tone, the expanding volume , etc. This morning that poor tone and horrible relative performance for a stock that just bounced +45% to create a right shoulder. I would have entered a full size position here if there had already been a head fake in place.

 The daily chart and right shoulder, these H&S patterns are everywhere, it's amazing so few people seem to notice them among retail.

This is something like what I had in mind for a gap up and a bearish engulfing candle on a daily chart, I'd want to confirm and short the gap up above local resistance, but that hasn't come to pass, I'm just happy to have gotten in a partial position before it really started decaying yesterday.

So far even on a 1 min chart there's no sign at all of a bounce, I'll wait for some stronger support levels to be broken which should facilitate some kind of bounce unless this is just done and heading to the neckline, in that case, I'd wait for the volatility shakeout of new shorts below the neckline to add the rest of the position.