WMT. Short on Fibo confluence and possible pattern cascade

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Chart shows that price is being bewered in a strong resistance zone , which is trying to break once again. A 75.90 per share has an interesting Fibo confluence which may be considered as a "do-or-die" level as it is a level which validates or invalidates two Cypher patterns.

Only a bigger one is shown, which would complete at 60.60 per share, while a smaller one points towards an eventual return to below 70 per share. Will open a short position aiming 67 as a first target and then watch on how the price behaves. My SL will be placed at 78 per share
评论: Smaller Cypher pattern with target and SL

交易开始: Short order filled at 76 per share
订单已取消: Resistance breached and Weekly chart closed above. I believe the idea is no longer valid so will close the trade on Monday
评论: Intereresting setup: market selling off and WMT going positive on that exact day. Tomorrow´s earnings could help them to follow the rest of the market

I am looking for further downside in WMT as well, but for now I will be waiting for the completion of this Butterfly pattern right around $78. It is also the .618 retracement level of it's drop from the ATH. I will be looking for the RSI to be overbought at that level as well.

That said the daily RSI is quite overbought and your trade has a nice R:R. I will be taking the bullish Cypher with you if it plays out. Good luck!
+1 回复
@SharkbaitAl, thank you for sharing you chart, Sir =) Good hunt to All of us!
+1 回复
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