Couple of things to unpack with Softbank, 9984:
#1 Lower 78.6% high from previous peak
#2 Previous peak was reversal off a massive long-term wedge resistance marking major tops from 2006
#3 Broke down from 30M SSR and key MA support
#4 Softbank is super levered and materially dependent on unicorn valuations for its acquisitions to keep 9984 share price up. Softbank is now ranked up there with dumb money as it habitually overpays for acquisitions. 9984 paid $45 for Uber pre-IPO and no prizes for guessing the mark-to-market on that "investment".
#5 Upward sloping wedges almost always breaks lower. Son almost lost everything during the tech bust, he has not changed his MO so why would this time be different?
#1 Lower 78.6% high from previous peak
#2 Previous peak was reversal off a massive long-term wedge resistance marking major tops from 2006
#3 Broke down from 30M SSR and key MA support
#4 Softbank is super levered and materially dependent on unicorn valuations for its acquisitions to keep 9984 share price up. Softbank is now ranked up there with dumb money as it habitually overpays for acquisitions. 9984 paid $45 for Uber pre-IPO and no prizes for guessing the mark-to-market on that "investment".
#5 Upward sloping wedges almost always breaks lower. Son almost lost everything during the tech bust, he has not changed his MO so why would this time be different?