$CMG top in?
Updated
As you can see on the weekly chart, we had a deviation above resistance and now look to be closing below it. Typically, that's an extremely bearish pattern.
Since the covid low, we've largely seen Chipotle go straight up and now I think we're about to see it go straight down.
Ichi also showing exhaustion signs.
I'd expect to see a bottom sometime between now and mid-next year down below the $24 range.
My base case is that we bottom before the end of the year, but the move can extend into next year.
Let's see what happens.
Since the covid low, we've largely seen Chipotle go straight up and now I think we're about to see it go straight down.
Ichi also showing exhaustion signs.
I'd expect to see a bottom sometime between now and mid-next year down below the $24 range.
My base case is that we bottom before the end of the year, but the move can extend into next year.
Let's see what happens.
Note
Think people are going to keep trying to buy this dip all the way to the bottom.Note
I have some 9/20 40P that are now up over 100%. Likely going to keep holding these as the move looks like it's just getting started. If it can hold under these levels, then it's broken the 200DMA which is very bearish and I'd expect the move to go all the way down to target.
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