Here is a Costco trade (short or position flatten), I am looking at.
We have an intersection of 2 harmonic sell patterns. (A Gartley and a Shark)
(Note: I would feel more certain/comfortable of these patterns, if point X originated off the August 2022 high.)
I have marked my most probable reversal area ($531-$534) and a stop above this level.
As always I want some momentum behind my trades, so my entry is around the $522 area.
Additionally I want my momentum indicator (bottom panel) to firmly roll over.
So 2 conditions must be met.
2 Targets are marked.
This is a 4 hour chart.
So I am just watching now for an opportunity which Mr. Market may or may not give me.
Not investment advice. Do Your own Due Diligence.
I will update as needed. Earnings are early December.
Good Luck
S.
Comment:
Patience grasshopper. An update still waiting for the $531-534 area to sell
Comment:
Up to resistance zone but still waiting for momentum to rill over.
Comment:
An update... broke short term trend... momentum starting to roll over.
Short at 533+ with tight stop
Short at 533+ with tight stop
Trade closed: target reached:
Target 1 reached....
