PTON correction NOT done yet? Peloton support zones to watch
Follow up to my previous plots (see links on chart or below).
PTON was at natural "End Points" for several waves moving upward.
And surprise surprise, Social Media attack hits and knocks it down.
The bounce looks impressive on paper, but may be just a Bull Trap.
The rise was a clear 5 part move, or a "12345 Impulsive Wave".
Most corrections are 3 part moves, or "ABC Corrective Wave".
I believe we have completed wave "B" and starting wave "C".
Of course I could be totally WRONG and it shoots past $100 today.
Or it may not follow my plotted paths and just randomly WANDER.
But the zones WILL cause reactions, and that is WHAT to study.
$ 34.38/43 is the "Decision Zone", look where Daily close falls.
$ 29.51/71 is the "Most Bullish" retrace that can be expected.
$ 27.18/42 is the "Worst Case" unless this stock just collapses.
$ 35.26/35 is the immediate resistance which I expect to hold.
$ 36.00/02 could be the "UpThrust" before a sharp pullback.
$ 36.65/70 could be a "Double Top" with lower high, gulp.
Previous Analysis on Dec 02, 2019: $ 37 Top Call:
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Previous Analysis on Dec 04, 2019: $ 31 Bounce Call:
PTON was at natural "End Points" for several waves moving upward.
And surprise surprise, Social Media attack hits and knocks it down.
The bounce looks impressive on paper, but may be just a Bull Trap.
The rise was a clear 5 part move, or a "12345 Impulsive Wave".
Most corrections are 3 part moves, or "ABC Corrective Wave".
I believe we have completed wave "B" and starting wave "C".
Of course I could be totally WRONG and it shoots past $100 today.
Or it may not follow my plotted paths and just randomly WANDER.
But the zones WILL cause reactions, and that is WHAT to study.
$ 34.38/43 is the "Decision Zone", look where Daily close falls.
$ 29.51/71 is the "Most Bullish" retrace that can be expected.
$ 27.18/42 is the "Worst Case" unless this stock just collapses.
$ 35.26/35 is the immediate resistance which I expect to hold.
$ 36.00/02 could be the "UpThrust" before a sharp pullback.
$ 36.65/70 could be a "Double Top" with lower high, gulp.
Previous Analysis on Dec 02, 2019: $ 37 Top Call:
.
Previous Analysis on Dec 04, 2019: $ 31 Bounce Call:
the Golden Ratio is my Religion
the Trading View is my Nation
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the Trading View is my Nation
the Moderator Tag is my Flag
I have posted a new Plot after the weekend, at this link:
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