WYNN is at crucial support. Note, the highlighted blue areas were former resistance and we have found support in/around 175 as expected.
I am showing the post below for a couple reasons:
- NOTE, we tried in/around this area once the pattern had completed from the IPO. THE PATTERN FAILED … so, w/ sound money management a loss was taken.
- After that, another alternate target was found w/ very nice price and time symmetry and it has worked.
- WE DO NOT KNOW WHICH PATTERNS WILL WORK but WE DO KNOW THEY GIVE US AN EDGE!
Here’s a set of charts on WYNN that show the swings …
if we lose this level to the downside, then this is a big deal.
rock on, ok?
- the PATTERN from the IPO was crushed….
- recent 3 month candles are HUGE!
- the patterns shown are BEARISH.
- FOR MY FELLOW CHART PEOPLE: the PATTERN in price was defeated, however, the PATTERN in time is MARCH. We’ll know…soon what will happen.
- THESIS: IF WYNN keeps going HIGHER so will the stock market (bullish) HOWEVER, if people are BUYING a company that makes its living on speculation, tourism and “it didn’t happen here” Vegas — then isn’t it a contrarian indicator that this ENTIRE rally since 2009 is a house of cards? We will find out — soon.
WYNN “slaughtered” the PATTERN at/around 180 w/ a vengeance …. KABOOM!
Folks, it didn’t even whimper at a pattern that had it’s genesis from WYNN’s IPO …
So .. I asked myself, what the heck does WYNN do? Here’s the summary of the stock that people are buying:
“Wynn Resorts Ltd. develops, owns and operates destination casino resorts. The company operates through two segments: Las Vegas Operations and Macau Operations. The company provides hotel rooms and suites; table games; slot machines; a race and sports book; and a poker room of casino gaming space, including a sky casino and private gaming salons; casual and fine dining in food and beverage outlets; spas and salons; lounges; and boutiques. “
Full disclosure — I have stayed at the WYNN and, well, it’s amazing … if you get the chance, spend the extra bucks and do it. Well done, amazing service, first class! So, here’s the rub. WYNN, no matter how much net worth you have, is a choice and the last 3 months candles are the STRONGEST in the history of this stock. So, again, what am I missing? Sure doesn’t feel like the roaring 20’s right now or even the euphoria rolling into 2000.
Folks, this defies convention … when this puppy is hit by Sir Issac Newton, watch out below ….
WYNN … seriously?