This Well-Known Stock Is Set for a 30% Decline Over the Coming Weeks

Many names such as $PYPL and $TWTR have already suffered steep declines and are due for a bounce soon. It is better to look for shorting opportunities in names that haven’t yet been hit, and I found a good candidate. $COST has rallied in a clear 5-wave pattern leading to its all-time high in December of 2021.

From that peak it has had a sharp initial decline, followed by a well-formed bear flag that I believe is wrapping up now. I believe many of the tech names (such as the ones listed above) will recover soon, in—at a minimum—counter trend bounces, and while those are doing that, many names such as this one will suffer their first far more serious declines.

The minimum target for this coming decline is the top of the orange box, but it may also fall as deep as the lower end of the range, if not even further. I am looking for a 5-wave impulsive decline for intermediate (orange) C.

COST


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2 thoughts on “This Well-Known Stock Is Set for a 30% Decline Over the Coming Weeks”

    1. Man, this looked really good at the time. But, by making a new all-time high, something else is going on. I will try to recount it. But, until then, it may be set up for a drop soon, despite this count having not worked out. I won’t be able to generate a good target until a pullback has begun.

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