Trade Set-Up: Z

Z, from earlier today (as well as last week-partial short position) may just give us an opportunity to fill out the short or start a new position for those interested. I showed the charts of Z earlier today, nothing significant has changed except the very short term intraday charts that may give us the bounce mentioned in today's Z Position Update

Here are the updated charts, I already set price alerts t let me know if I need to be paying attention to this one as mentioned in the linked post above from earlier today.

 1 min intraday, similar to IWM action.

 There's some positive migration to the 2 min chart.

The 3 min chart is in line so this isn't a very strong positive divergence and it may have spent a lot of energy already, we'll see if it pulls back to form a "W" , larger positive divegrence.

Above the trend line is where the orders and stops will be so that would be the ideal area to look for any new entries.

 Again as far as the probabilities go, while any bounce widens out the reversal process, even the 10 min chart shows the probabilities are firmly planted to the downside .

And of course the much higher probability (underlying flow of funds) 60 min chart shows a clear resolution to the downside, thus any short term price strength is of interest for new or add to positions which is something I'd consider with a half size position which was entered initially as a speculative position only because the reversal process was so small at the time.