The above PA will be on watch for the next two days for WMT. If PA can reach the area of resistance above and get rejected from there, it will trigger a short position.
The 10-day candle closed as a bearish engulfing candle; further supporting the bearish engulfing candle formed on the weekly tf.
IMO – WMT has a great chance to close its 15-day candle (closes in 7 days) and its monthly candle (closes in 9 days) as a bearish engulfing candle also. If this does occur, it is safe to say a mid-term top is in.
If a trigger is created tomorrow or the next day, it will be alerted in the Discord and then via write up.
PREVIOUS WRITE-UPS BELOW:
Weekly candle closed as a bearish engulfing (engulfed 3 prior sessions – very strong statement), setting a short to mid-term top for WMT.
Above is my expectation for Monday/Tuesday PA into that white (c) or a tad higher. If this occurs, then it will likely trigger a short position, and an update will be provided.
WMT is at an area of interest to accumulate/initiate puts or short via spot.
Ideally, PA should reach a tad higher, so layering in or nibbling at these levels is the prudent approach.
Stop at recent highs. $164.45.
If PA can get a clean rejection in that upper boundary of the area of interest, then our system will trigger a short position.
Weekly candle close is shaping up as a bearish engulfing, suggesting lower prices are in store for this instrument.
EW count is below.
Note the bearish divergences in the techs.
If one wanted to play puts for this initial ride down, then potentially 21 June with a strike of $130 could be of interest. Only utilize options if you know how to mange them, and as always, don’t risk more than 1% of your trading account on any position, and with options it is suggested to only risk 1/2%.