In order for this pattern to be valid we can not see IYR go higher than 32 (~32.10). The measured move would be 28 - (33.30-32) = 26.73; a good 15% lower from here. A stop loss at just above 33.30 would be sufficient.
Edit: It has broken above the perceived resistance, therefore the measured move is no longer valid. I will be watching this one near the end of the day, I will more than likely scale into a short position today.
Also, I will be cherry picking from the short ideas list now that we've got to watch these for almost a week. I also wanted to wait till after earnings before taking any positions. I will also consider the ones who's earnings are more than a couple weeks away. NFLX, AIPC and JOSB are the only positions I've taken out of the list thus far.
