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kstrizzle001
Jul 21, 2023 8:19 PM

BX - A Rolling Stone, Downhill Short

Blackstone Inc.NYSE

Description

BX weekly candle close was epic, a bearish gravestone doji. What makes this set up even more saucy is that the measured B wave is currently at a 1:1 ratio for its a=c waves (not labeled) and it retraced 50% of its A wave (normal place for the B wave to end). Sell side Algos are also in play, with PA reaching the half way back for the entire move down and a golden zone for a significant swing high pivot. Algo targets are below, and noted with white lines at roughly 57 and 53 (this is also the golden zone retracement for the entire move of this stock from all time lows to all time highs - noted with the red rectangle)... geometrical measured move of A=C is the yellow path and would return to a logical region for EW retracements of leading diags (which the entire move up could have been). Risk is easily defined - if weekly PA closes over the golden zone or the half way back (white line just above), then the immediate bear path is invalidated, and one would look for more candle structure to offer clues. GLTA!
Comments
Puckyp
Do you think it will eventually get to 30?
kstrizzle001
@Puckyp, Not sure, but that 57 region seems very logical if things keep deteriorating. One level at a time. GL!
TheKitchenTrader
This man knows his stuff. 💯
kstrizzle001
@TheKitchenTrader, Thank you kind sir!
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