RE: Watchlist - Traders method
With the US stock averages in late 2B and a number of sharp reversals last week I thought I'd start looking for some potential Stage 4 breakdowns and Stage 4 continuation moves lower for the watchlist.
On a manual scan through the Consumer Discretionary sector which broke down considerably last week, I came across URBN which I previously highlighted back on the 10th September here: http://stageanalysis.net/forum/showthrea...78#pid1578 as it was first trying to breakdown in early Stage 4A. It took a few weeks to complete the breakdown and has since consolidated sideways in a lower range around the 2012 support.
It's now near the lower end of the range once more and looks like it wants to attempt a continuation move lower into a full Stage 4 decline, which would complete a large head and shoulders pattern from mid 2012. Relative performance continues to be weak below a declining zero line and volume is generally below average.
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.