mukit1

PINS: to wave B or not to wave B? That is the question...

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NYSE:PINS   Pinterest, Inc.
Pins has gotten a bid or two in the past month and looking very different than the year long consolidation. From the flash crash of May, price has come up to fill the gap with a 5 wave pattern. After a tiny dip last week, price is moving again. This uptrend is getting a bit heated on RSI with negative divergence on both 12 hr and 1d timeframes. So, it is still possible that price is still on correction mode and will hit some resistance on $27 area. At that point it will be very interesting to see if price pushes above $30 or breaks down again to complete the C wave of 2. If price pushes above $30, then chance is greater for a bigger move to the upside, possibly towards the ATH area. If there is a breakdown below, then $16 level for last low must hold.

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