CMG short from a failed expansion

2 thg 10, 2014

CMG has been in a sideways channel for the last week. Looking for a failed breakout or expansion at the upper range because of the general market decline. Entered the trade on the break of the the inside bar (667.75) using a put option. Using the 10 EMA to stay in the trade with targets at fib levels .382 and .618 with a runner to 646.