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WBA Head & Shoulders Topping Pattern + Short Trade Setup

WBA (Walgreens Boots Alliance Inc.) looks ripe for a break below this H&S topping pattern as well as the bottom of the horizontal support zone along with a likely break & weekly close below it's primary bull market uptrend line (see weekly chart). WBA will trigger an short entry on a break below 81.10 with a suggest stop over 83.40.

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Nov 12, 2015 9:25am|Categories: Completed Trades - Short|Tags: |4 Comments

4 Comments

  1. rsotc November 12, 2015 9:30 am at 9:30 am

    CVS is a closely related stock to WBA which will also likely be added as a short trade idea. In fact, I looked at the entire sector (health care plans) & see quite a few bearish setups so there may be several more official as well as unofficial trade ideas from that sector posted here soon.

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    • HiddenPivots November 12, 2015 9:49 am at 9:49 am

      Randy, based on your chart work, what price probability target do see SPY by Jan 2016?

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      • rsotc November 12, 2015 9:57 am at 9:57 am

        IF (and that’s a big IF) my current belief that the rally off the Aug lows was just a counter-trend rally in a new bear market is correct AND last weeks highs marked the end of that bounce, then my best guess would be that the SPY will see 182 within the next 4 to 6 weeks (mid to end of Dec).
        I know that sounds aggressive as it would represent about a 12% plunge in the markets but again, if those conditionals above prove true, then a very swift move back down towards at least the Aug lows would be my expectation. Still some work to be done to firm up that case but you asked for my opinion & that’s my best guess as of now.

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      • HiddenPivots November 12, 2015 10:06 am at 10:06 am

        Yes Randy, that seem to agree with my belief and chart work.. The 182.40 is a non-confirmed H-Pivot and it WILL be revisited thus why I’m in LT SPY puts to give this gyrations time to play out and it appears that we have begun… Thanks!

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