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Is WYNN Ripe for a Correction?


A closer inspection of recent weakness in Wynn Resorts Ltd. (WYNN) off of its post EPS high at 127.20 (April 26) into today's low at 119.17 indicates that the late-April high satisfied a major-upside swing target at 127.30 off of the 82.51 Nov pivot low (Nov 11, 2016).

As such, it leaves WYNN vulnerable to a near-term correction, especially if the price structure violates and sustains beneath key support lodged between 119.40 and 118.30.

A sustained breach of 119.40-118.30 will point WYNN towards corrective targets of 113.50/20... and thereafter into the 110.50-109.00 support zone prior to my expectation of the emergence of another upleg that will project into the 140 area.

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