$WMT – At an Area of Interest –
UPDATE
The 15-day candle closed today, and it closed as a hanging man candle that will require confirmation with the next candle that closes in 15 trading days.
The 5-day candle also closed today, and it was a bullish engulfing candle, suggesting higher prices over the next 5 trading days.
The daily tf will need to have the body of daily candles close over both of these bearish engulfing candles before bulls can have any breathing room.
Still tracking this set-up.
If a trigger is given, then it will be alerted in the Discord.
If the weekly candle closes over $162, then this short set-up is invalidated.
GLTA!
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PREVIOUS WRITE-UPS BELOW:
WMT is still consolidating. While there are enough counts for this B wave to be complete, and Friday’s PA did provide a technical set-up (white path), I’m not convinced this instrument is done with it’s slight push higher.
I still lean towards the red path, and if this red path (or even the orange) does play out, then it would be an ending diag for this (c) wave, suggesting a swift move lower.
The weekly candle closed as a doji and is likely consolidating before moving lower.
Daily candle closed as a bearish harami combo.
We shall see if the above 15-day candle can close as a Dark Cloud Cover or if the bulls can avert the bearish attack.
The monthly candle could close as a bearish engulfing, setting a mid-term top. If this does occur, it would provide a very great confirmation for a short set-up.
There is no trigger to go short, but if one is identified, it will be alerted in the Discord and then discussed in the write up.
GLTA!
For all important and up to date posts visit our Telegram link:
PREVIOUS WRITE-UPS BELOW:
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.
GLTA!
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.
GLTA!
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.
GLTA!
Extra Tidbits
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%.
