While conducting my daily task of scanning through hundreds of charts, looking for high probability trading opportunities, I noticed a great pattern on Wynn Resorts, Limited (NASDAQ:WYNN) forming. With markets near their highs, Wynn Resorts, Limited (NASDAQ:WYNN) appears very week on the charts. As long the current pattern formation can remain below all 3 simple moving averages (as shown in the chart below), there is good probability WYNN can move lower.
However, one consideration while shorting any stocks during this period of August is that the typically slow and light volume often makes shorting difficult. Because of that, you must watch the pattern very close, and keep your stop loss levels tight. My target on the downside of this trade will be $192.00. If this trade should trigger, we will alert all Elite Round Table members live... there will also be other trades released shortly, so do not miss the action!
