BBY looks like its completed W3 at the 2.618 extension after a really deep W2 that nearly retraced 100%. Its also hit the 1.786 extension on the FibFork. This along with the Stoch RSI and RSI being extremely over bought, it looks ready for a W4 move down.Because it such a deep W2 and an extended W3, i think it will have a shorter W4, not retracing fully to the 0.382 level. Instead i think we see a stop at 0.236, which also lines up with the median of our FIbFork.
From there we can proceed to W5, anywhere from 23.6% to 50% beytond W3 high.
This puts W4 buy zone rite around 25.50 and a W5 PT of $30-$32.
The time analysis show W4 coming in around Jan 19-20 and W5 around Jan 25-26....this makes sense to me cuz of the potential for political noise around Bidens inaugeration. Might creat some choppy and uncertain conditions, but once he's sworn in we could see a surge in volume due to the prospect of future stability and stimulus aid.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.