UnknownUnicorn182749

Short WYNN following flat correction

Penjualan
NASDAQ:WYNN   Wynn Resorts, Limited
WYNN had a rough second half of 2018, dropping from $200 to $90 over six months. The stock has been trading sideways since its October 30 low, but it looks ready to continue its sell off with the completion of an expanded flat correction. There a clear three wave rally in Wave A, followed by a three wave move to a new low in Wave B. The subsequent five wave move is now running into trend channel resistance on diverging momentum, suggesting that WYNN may turn lower from here. It's also worth noting that price has held the key 38.2% Fibonacci resistance level off it's 2018 high. Initiating a short position at market with a price target at $92.50.
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