Gild released results, looks like they beat handily and the stock is up AH. We don't think this stock is done going down yet. If anything, we will look to add to our short position.
As per our labeling, GILD may rally for the next week or so, upto 47-48 in a wave 2. If this is indeed true, we will be looking for head n shoulders on GILD to form. As of now, we are missing the right shoulder.
The moving average "stars" are aligned to the downside. GILD has to strongly close above 48 to disturb this picture.
We believe GILD is on the precipice of a 3rd of 3rd move down which should commence in the coming few weeks and will continue to hold/add shorts if we get another timing trigger.
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