Last year the target for CM was slightly above where we are now, say around $78 or so. This is where a 5th wave diagonal started its trip down and that is a normal retracement level . Also it is in the 50 to 60% normal rebound level. We have done this so I would be a seller, especially since the much better run Royal has already almost retraced its entire drop.
The successful long CM short RY trades simple may not work anymore.