WGN was bought this week after it rose as suggested below and was sold (also this week) as price approached the target .

2 October 2020

WGN is a little illiquid for my taste and with only has a few years of chart history, it is difficult to chart. Elliott Wave count is unclear. Price needs to break above $1.32 to confirm a new uptrend. A close above that level would also suggest a target of $1.69 – a potential gain of 30% on this week’s close. On the negative side there is no obvious stop loss level with the first being 30% below current price and while price has made a higher weekly peak the preceding trough was a lower trough. The rising price channel (flag) is another concern as price usually falls down, not up, out of rising flags and such a move might fit better with Elliott Wave Theory (Wave 4 can't intrude into the range of Wave 1).
This is a high risk trade where entry needs to be conditional on price making a higher weekly peak.

WGN 2Oct2020


Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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