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I am letting my full house position in $WYNN ride for now. Perhaps later today I will take off 1/4, but probably not much more than that. As you can see on the updated daily chart below, I believe today to be a significant breakout from the multi-month ascending triangle that the stock had formed. Ascending triangles are reliably bullish patterns, as a series of higher lows and congestion near resistance eventually resolves to the upside in the face of the bears being rendered impotent.
Note also the strong buying volume today, further confirming the big breakout. If you missed the move here, do not fret. I think you can look to initiate a long swing upon a light retrace to the $96-$97 area.
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Check the ascending triangle in IYR
Definitely–just needs a jump-start t get going here.
Chess,
What a beautiful day in the neighborhood. I’ve got so much green on my screen it looks like St. Patrick’s day. Thanks for your setups this weekend. Between you, RC, and Fly, it’s like Christmas in October.
You deserve it, Yogi. I know you put in the work day in and day out.
Great call on WYNN, still going. Thanks.
Thanks, Bill.
I bought WYNN for $20 in April 2009 and sold it for $30 about 7 days later feeling like a fucking genius. All I can say is, FUCK!