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Costco... Cleanup in Aisle #7 ?
Costco Wholesale
Costco... Cleanup in Aisle #7 ?
By Steve666
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Updated
Dec 1, 2022
1
Cheer
Cheer
Nov 15, 2022
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.
Nov 21, 2022
Comment
Patience grasshopper. An update still waiting for the $531-534 area to sell
Nov 24, 2022
Comment
Up to resistance zone but still waiting for momentum to rill over.
Nov 29, 2022
Comment
An update... broke short term trend... momentum starting to roll over.
Short at 533+ with tight stop
Dec 1, 2022
Trade closed: target reached
Target 1 reached....
Gartley
Harmonic Patterns
sharkfx
Shark
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