cbud
Short

WFM in weekly triangle, one pop E wave and a move down

NASDAQ:WFM   WHOLE FOODS MKT INC
34 2 1
Whole Foods WFM             (Whole Pay Check) is in a classic WXY pattern. Double triangles in the Wave B positions with a final move down into 19.56 projection. Projection is C. Brown style mirror projection from confluence resistance at 38.59 derived from the latest strong milestone lows near 30 (Red dash line)

Inside the triangle is sloppy risk control. Wait for a break and daily Close below the Ascending support trendline drawn across the triangle (B)(D) lows. Then short immediately. The opportunity is short into 19.56 target with stops above the (E) wave highs, wherever they come in for at least 2.0:1 reward. Then no fooling around at the target. Take profit immediately. Probable Bullish transition at that level.

This Short setup invalidates at any print above 38.59.
Truth is what happens in the real world; not necessarily words from a book.
chartsmaster
3 months ago
When it gets to 38.59? you will be toast. Look at the long term chart. Last time after 6 months sideways it had a significant rally. This time it has been basing for 12 months, even if your long term bearish thesis is correct( I don't believe it is) you are going to see a bounce to fill the gap @33.50 at a minimum (that is where a bear might look to short) As stated in my post today I look for the other gaps to be filled at 40 and 45. Good luck.
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cbud chartsmaster
3 months ago
I should know if the setup invalidates with any print over 38.59 before I ever enter. In which case I'll likely be long above it against a throw back.
Basing is a Wyckhoff concept that I don't use because it's too loose.

The analytic concept here is the current EW triangle and the pattern follow through implications that it suggests.
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