Trader_Joe_Lee

Here you are, COST cypher

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NASDAQ:COST   Costco Wholesale Corporation
COST is still under huge selling pressure after another downgrade by BMO on Monday, and as I wrote last week, I've waited quite a while for a good entry for the company.
Although I didn't really trade it,last week the BAT pattern failed as it gave such a small room for the stock to run.
While when the X @ 156.59 broke, it did give good short continuation to make it a great stop loss point.

And all of a sudden, here comes the cypher , a much better X point than the BAT last time.

This Cypher pattern suggest a 150.90 entry and a 141.99 out, about 6% risk. As it's being slumped so hard, I still won't just put my buy limit @ 150.90 to fight with the recent downtrend;
while if there is any potential reversal or retracement sign like hammer or inside day breakout formed here, I'm willing to give it a shot!

I do think that will be a very risky trade according to how the market slumped COST stock, while at least I think it worth the risk.

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