Part of my ongoing analysis of Peloton price action (see links below).
Peloton appears to have stabilized a bit, but likely has one more drop to come.
The perfect 5-wave uptrend is going through the requisite 3-wave correction.
Wave C most often goes further than wave A, so am expecting lower lows.
It is POSSIBLE that correction is done, with the $30 round number test.
But $30 psych and the red 3.618 were PIERCED, are now weak support.
$28.30-28.40 seems a LIKELY target for wave C, and $27.-- is possible.
Previous Analysis (click):
Dec 02, 2019: $37 Top Call
Dec 04, 2019: $35 2nd Top
Dec 10, 2019: $30 Target
Dec 16, 2019: $28 Buy Zone
.
Peloton appears to have stabilized a bit, but likely has one more drop to come.
The perfect 5-wave uptrend is going through the requisite 3-wave correction.
Wave C most often goes further than wave A, so am expecting lower lows.
It is POSSIBLE that correction is done, with the $30 round number test.
But $30 psych and the red 3.618 were PIERCED, are now weak support.
$28.30-28.40 seems a LIKELY target for wave C, and $27.-- is possible.
Previous Analysis (click):
Dec 02, 2019: $37 Top Call
Dec 04, 2019: $35 2nd Top
Dec 10, 2019: $30 Target
Dec 16, 2019: $28 Buy Zone
.
Note
OOPS, forgot to include the "Bear Invalidation" zone in chart.Break above $32.11 makes a lower C much less likely.
.
Note
Thursday Mid-Day update:Correction looking more and more like "done", at least on the surface.
.
HOWEVER, zoomed IN (5 min) to look at the bounce and using a fib
"Corrective" as in choppy, no rhythm, not making 'stairs' as in a previous high becomes new support (the highs and lows are criss crossing).
.
So it is POSSIBLE that this turns into an "ABCDE" correction rather than an "ABC"
IN-validation would be a break above the blue 3.236 at about $33.67.
.
In SUMMARY:
- Still not clear if correction is done, leaning towards NOT.
- Other high flyers are up a lot today, TSLA, NFLX, etc, but this is just barely rising with the tide.
- Need a "down" day on the market, to really gauge this stock's bullishness (or lack thereof).
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
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.