Here's some detail on my short idea on Walmart. I'm giving you plenty of time to plan for this. We've seen a clear impulse on this little guy but I expect that things have stopped in late 2020 as we've been moving sideways for about 18+ months. I expect this to continue for about 2 more months. The closer we get to 21 months (if you've been following me, you know the significance of that number), the better off we are for a top here.
Now, to the technicals. I have a few different measurements here:
1. Measuring the wave 5 top (around Nov-Dec 2020) to the wave (a) buttom (around Mar 2021), we see an expanded target around $161 to $165
2. Trend based fib extension measuring from the wave (a) bottom (Mar 2021) to the wave c top around August 2021 and the pullback to around Mar 2022 gets us a 100% extension target around $159 and a 123.6% target around $167. Both of these are corrective targets based on the current structure.
3. The measurement noted in point 1 above gives us an expanded flat target around $120.
Timeframe for hitting a major top on WMT will be mid to late June and I will be looking at LEAP style short positions around that timeframe. Set a calendar reminder to come back here in 2 months and we'll see where we are.
I could be way off with this, but I'm going to be bearish on WMT for at least a year after this expanded target gets hit.
Now, to the technicals. I have a few different measurements here:
1. Measuring the wave 5 top (around Nov-Dec 2020) to the wave (a) buttom (around Mar 2021), we see an expanded target around $161 to $165
2. Trend based fib extension measuring from the wave (a) bottom (Mar 2021) to the wave c top around August 2021 and the pullback to around Mar 2022 gets us a 100% extension target around $159 and a 123.6% target around $167. Both of these are corrective targets based on the current structure.
3. The measurement noted in point 1 above gives us an expanded flat target around $120.
Timeframe for hitting a major top on WMT will be mid to late June and I will be looking at LEAP style short positions around that timeframe. Set a calendar reminder to come back here in 2 months and we'll see where we are.
I could be way off with this, but I'm going to be bearish on WMT for at least a year after this expanded target gets hit.
Trade closed: target reached:
Well, that's how the cookie crumbles y'all. target at $120 hit and rallied hard off it.