WYNN – Looking at a Potentially Bullish Pattern

I think WYNN (WYNN Resorts, $103.40, up $0.66) is finally worth looking at on the the buy side against the recent lows. 

First note that the recent low was made on top of key symmetry support that was not too far from overlapping a .618 retracement back to the 7/26 low. Symmetry is essentially a measured move. Note that I have measured the prior decline in WYNN from 7/18/2012 to the 7/26/2012 low and it lasted $10.83. If you projected 100% of that from the 8/20/2012 high it gave you possible support at the 99.17 area. Note that the recent low was made at 99.32 which is just slightly above this projection. This test and hold of support was followed with buy triggers. 

The setup here is still to be a buyer of WYNN with the risk defined either below the 99.17 area or below 97.71. If we see the full move off this "symmetry" setup, 112.90 is target # 1 on the upside. If the key support decision is taken out instead, then I back off the buy side until further notice. 

 

Carolyn Boroden

www.fibonacciqueen.com

twitter: Fibonacciqueen