Short Idea for $PLCE Using Elliot Wave Analysis

$PLCE has had a good pullback from an otherwise consistent downward trend beginning long before the recent market crash. After a gap up it's been consolidating over the past two weeks. The Elliot Wave oscillator has pulled back to between 90% and 140% and stochastics are in the overbought zone.

If price can close the gap in the next few days, a sensible entry would be at $22.80, with a target below $5.

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Price traded to within $.16 of entry before it found strength in the gap and was rejected. After a seeming up day today, this trade is cancelled.