Costco... Cleanup in Aisle #7 ?

By Steve666
Updated

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

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Comment
Up to resistance zone but still waiting for momentum to rill over.

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An update... broke short term trend... momentum starting to roll over.

Short at 533+ with tight stop

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Trade closed: target reached
Target 1 reached....

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GartleyHarmonic PatternssharkfxShark

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