Bank of NY Mellon Co (BK)

Pretty much the same pattern. The daily chart shows that it has broken down out of a rising wedge. On Thursday, it backtested the top of the wedge (and the 20EMA) and failed. If we get a rally this week, let’s see if it fails to cross up over the lower line around $32. See how the upper trendline from the last two sessions intersects with the wedge right at $32. If it either breaks quickly down below $28, or recovers to $32 and fails to re-enter that wedge, it’s a good short @ $30 (and buy some puts). Watch for it to take out Friday’s low $29.73, then Thursday’s low of $28.14. Based on the height of the triangle, mid-term target price is $10. I think it will trade down into the $21-26 range by end of week.