From the chart, we can see how it breakout of the triangle and rise to $70+.

After that, look at how the price falls from Sept 16 to Oct 16.

The last push up to $71 from Oct 16 to Oct 23 was the worst. Up almost $10 within 5 days and down$10 the very next……and once that happens, when it break the critical support, it just goes down much further.

I was lucky that I was not trading the stock itself and was trading Iron Condors on SOHU.

And yesterday, there was a fairly high volume selldown bringing the price down by more than $2.

The Weekly Chart suggest a support at $62.71  with a fairly thick kumo supporting it below.

While on the Ichimoku Daily Chart, it has just pierce through support at $64.62

If the price drops further, we may see a confirmation with the Tenkan sen crossing the Kijun sen.

And as with symmetrical triangles, there is a chance that it can break out either way.

For me, I took a bet and Short an Iron Condor on SOHU. My beliefs was that it will remain at the same level until expiration.

All went well until Monday when the price breaks through the previous week high and stay above the previous week lows as well.

That should have been my first sign. Unfortunately for me, I was already off to bed sleeping (thinking that it will remain within my range).

Needless to say, on Tuesday, the price continue to surge upward on opening, and I see a fair amount of my profits from the Iron Condor eroded.

I still make a tiny profit from it but it is painful to see 3/4 of the profits being wiped out.

On hindsight, I should have closed off the position on last Friday when it dipped back into the ‘triangle’.

With prices sitting on top of a thinning kumo, and Tenkan sen has just crossed the Kijun sen, the possibility of it being bearish is much higher now.

Possible breakdown in first 2 weeks of September (??). Maybe.