WWE - World Wrestling Entertainment, Inc.

Pivots?... No... Haven't read anything about pivots yet... I'll look into that

I just stare at the Robinhood app from 8:00-8:30 (pre-market) and watch the price go up and down without me..... Gives me the same feeling I get at work when I drive by a lake and see people fishing

 

I stayed on the sidelines. That was some weird mark-down noise at 2:10 CDT....like getting a snapping turtle on your line.

 

Those snapping turtles are mean!... I never try to get my hook back, I just cut the line and let em go!

Which is what I did this morning... Another one in the L column

 

A pull back yesterday wouldn't have scared me off... Since the whole market took a pounding....... But the page written on this chart is not part of the story I was reading before

A good portion of that volume was buying, since we found our way back up to close in a safe spot...... But where did all that supply come from in the first place???

 

Right, same concern. Buying did come in to save the stick from a low-end close, but wary about the supply that suddenly appeared at 2:10 CDT on Monday that drove it to a low of day of 20.55. Support at that price is understandable because 20.65 was the high of a high-volume supply bar the week of May 12th 2014 (a price magnet). So, to see buying interest come in there was not surprising, but the sudden plunge with volume indicates there is still supply (willing public sellers) present. I guess I'll wait for a retest of that price showing the supply has dried up. I'm not ready to abandon the accumulation hypothesis yet.

Weekly as of Tuesday's close:

 

Interesting!!!

I was poking around and found an explaination for the noisy Monday (4/3)

According to an article I read, each of the past 3 years have seen a big sell off the day after Wrestlemania.... Wrestlemania 33 was Sunday, 4/2 this year, and I missed it

Highlights included Shane McMahon (CEO's son) in his own match putting on a hell of a show!.... Followed by a 4 way Diva dogpile!... Then John Cena proposing to Niki Bella after they won a tag team match together..... Then finally, Roman Reigns retires the Undertaker

For anyone interested



Now back to business

I went back and compared these dates over the last 4 years.. And sure enough, they are all eerily similar (except 2015 which was the most extreme).... Volumes of 2-3 million.. Range between $2-$3.. And closing well above the low each time

Now here's whats not the same.... In each of the past 3 years you can clearly see (if my box isn't in the way) a distribution range before the sell off.... No such range can be found this year..... And following the sell offs of the past, price falls about a dollar below that close (except 2015, almost an $8 drop there)....... But not this year.. After a couple days we actually touched 50 cents above that sell off close

What does this mean??.... I think it means that sell off on 4/3 was no reason to be scared off... And I think I'm getting back in!

 

So.... IF I'm right... That means the last point of supply was printed at $17.75

Counting back to the selling climax (from $22.50 to $16.00).. That's 23 reversals on a $0.50x3 box chart..... Showing me an ultimate target of $51.50

 

Very interesting observations surrounding the Wrestle Mania events. Perhaps the public does not own as much of the stock this time, which is bullish.

Doesn't seem like we have a sign of strength (SOS) yet on the weekly chart. I would like to see one since there is weakness in the background.

I'm still at $59 on a $0.50-box by 3-box-reversal:

Here's my weekly vertical chart:


And here's my 0.50 by 3 P&F chart (count line is at $17, the lowest LPS shown above and counting back to the buying climax (BC))

 

The $0.50 by 1-box-reversal P&F appears to show the SOS. Long term it is showing a base count objective to $72. However, the 0.50x3 P&F gives only $59. I would tend to go with $59 for now. Shorter term, for what the 1-box-reversal is more adept, the price objective is $24. It would be nice to see it build more cause to effect a higher price.

 

Ok, so you counted back to the $22.50 row.. I only counted back to the $20 row..... $51 to $59 target is a big difference!... I like yours more

My guess on the 4/2 sell off, is shorters coming in, having success in previous years.... Maybe the SOS will come in the form of a big nasty short squeeze!

 

We need to be clear on nomenclature. I consider "rows" to be horizontal and "columns" to be vertical. So I have columns of Xs and columns of Os. I am counting columns from an LPS back to the BC or SC. So usually what I do is first look at a bar chart to locate my BC/SC and the LPS then find the same points on the point and figure chart.

Edit: So on the 0.50 x 3 P&F, I counted 28 columns of Xs and 0s between the LPS and the BC along the $17 row.

 

Ok, columns it is

I see several SC's on my bar chart... I just counted back to the most recent ($20 column)..... But yours makes more sense ($24 column), because according to mine, we would have exited the range already

 

Hmmm, I'm not getting what a "$20 column" or "$24 column" means. Columns have a range of prices, not just one price.

So, in your original, you refered to the $20 row. I can only assume you must be doing vertical counts, like they show on the stockcharts.com chart school which was always a total confusion for me.

Check this out, maybe it will help to understand Wyckoff's method:



The trading range is between the buying climax (BC) and the automatic reaction (AR); between 23.50 and 16.50.

 

Yes...... I just can't highlight areas on my chsrts... By $20, I was referring to the column that topped out at $20...... And I see my mistake, since we've already left that range

Your range, beginning at the colomn topping out at $23.50 is more acurate

Sure would be easier if the colomns were numbered across the bottom of the chart for reference

 

This don't look good

That's a lot of volume out of nowhere yesterday!... And half of it was after hours

 

So was it just a couple guys that got together over cigars and brandy and decided to trade a big block in a dark pool that got posted after hours?. If so, one of 'em was a buyer and that'll be a price magnet now. Do you know what price where most of those shares got recorded?

 

On a 15 minute chart looks like $21.15

 

So who exactly trades after hours?

Robinhood Gold offers after hours trading.. So at least some of the public is participating...... Do any other brokers do this?... Or is after hours trading reserved mainly for the CM?

 

I think most brokers offer pre-market and afterhours trading of the underlying stock... but no derivatives (calls/puts). We'll have to keep an eye on that 21.15.