Going bankrupt is always an option. This is purely a technical view. If it isn't going to zero, it certainly is looking interesting from an Elliott Wave point of view.
From 240$ to 6$ is quite the drop.
With the proposed count, the last wave 5 could be done or we might be in a last wave 4 before another push down.
Here's a count of the last wave, that would be done:
And a fitting count on the 1h for the move from the low:
Building a bottom can take a while though and fundamentals don't appear to be that great. On the other hand this is one of those highly shorted stocks, so a short squeeze is also a possibility. Unfortunately I'm not privileged to have insider information that would allow me to time such a thing ;)
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I'm not saying that it can't continue going up, but for the time being it has reached the high probability zone for a wave 3.
On smaller timeframes, I'd say it has at least another high for a possible wave 5 of 3 left. We'll have to wait and see if we get the full impulse as shown.
Either way, nice 40%+ move within a week. Hope someone else caught it along with me :)
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Looks like it delivered the mentioned "at least one more high" :) Now sitting at 50%+ from the initial post 2 weeks ago.
While I'm not calling any tops, it is worth noting that there is a good fitting count here.
If my analysis has helped you, consider showing some appreciation:
If this is a wave 4 with a wave 5 missing, we are in a zone, where a hold would give more conviction.
Should there be a sustained break to the downside, I'd expect to hit the 8$ mark at least.
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Got a 10%+ reaction out of the first zone, but ultimately it broke and as mentioned 8$ would be expected next, which is where we are now.
This is pretty much the last hold for that count to stay valid. It could of course still turn into a diagonale, if it overlaps wave 1, but at this point it's also not difficult to see a possible impulse to the downside:
which is why I would've preferred for the first zone to hold. With the possibility of an impulse down one would have to consider more downside, even if we get a reaction to the upside from here - that might just be corrective.
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Under the "low is in" assumption, there's really just an expanding diag as an offer here:
And if the low actually isn't in yet, we might be in an ending diag, that could put in another lower low:
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As shown in the last image of the last update, there couild still be another low waiting.
This count would support that.
The only way to assume the low is in, that is left, would be a 1-2 of a diag, which rarely is a great thing to have as a main assumption.
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That last move to a new high changed very little, the two main views shown still remain:
Either a diag seeking another low (yellow) or a diag from the low missing still the 4 and 5 (white)
Well I may be the only one propping this up but me and my family eat this stuff on a regular basis. Tacos and Burgers and sausage. They have came down on pricing and I think that has made me@want to continue our aging it. They were gouging consumers and it was no where near worth paying higher than beef prices for a substitute for most bit for now 5.99/LB for non “ soy”based substitute is a bargain atm. They need a marketing guru and this thing can again fly. This is and exceptional non soy based meat alternative in my eyes.
TophatPandaMagician
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@Aluminiumati, how much are they paying you to advertise for them? :D Jokes aside, while I've been eating a lot more vegan/vegetarian meals (plenty tasty meals available, I'm using hellofresh, to put another ad in here hehe), every meat substitute I've tried made me not want to try meat substitutes for another half a year. I'm not sure if I've tested beyondmeat yet, but everything I have tried didn't really taste good or had an unpleasant consistency - how does beyondmeat compare?
Aluminiumati
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Listen you making your burgers with a bun and a patty or your tacos without taco seasoning than your already in the wrong about making things flavorful. I’m not advertising for them I’ve tried them all and it is@The best NON SOY meat alternative. Field to roast is another good product. The only thing that I would never substitute is for a real hot dog.
Aluminiumati
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They were charging filet mignon prices for a 1lb beef substitute. They still many large chain grocery stores and till I stop seeing it on shelves on a weekly basis that’s when I’ll be worried but I never owed this at the evaluation back then because that was insane but you better believe I hold it now.
Chartguru1
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Weekly falling wedge says much higher….the daily count for scalpers may work. No shares available tomorrow. Get ready
TophatPandaMagician
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@Chartguru1, oh sure, when it goes it goes. I just point out what I see and should a correction start here, that would be my count. I've taken some partials, but if it wants to keep going, I'm still in and happy with that too :)
Chartguru1
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@TophatPandaMagician, yes I respect the updates. Falling wedge here on lower volume on daily. MACD recycled. Liftoff soon. Year end bullsht. Maybe 30 cents more downside but again this is a triple in 2024
TophatPandaMagician
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@Chartguru1, I mean, there's a lot of bs going on in the market, but I don't see a need to call year end bullshit on a correction I literally had on the chart before it started :D
Chartguru1
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@TophatPandaMagician, of course. I think ur misinterpreting what I said. I meant just don’t need to micromanage a position. But all stocks hit certain overbought zones. I constantly look at MACD on 30 min charts but if u pick a nice bottom no need to call every minor wave on the chart. The weekly chart tells me my TP levels
TophatPandaMagician
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@Chartguru1, I mean, I agree on the micromanaging part in general. But I didn't call for an action on every minor wave on the chart. I used counts of subwaves to help identify a likely end of the recent move up. That in addition to some levels I had around there helped me with the decision to take partial profits and I'd say it was a decent decision, since a 25% correction followed, which I'm not sure I'd call minor. I opened an additional position at the zone I suggested for a possible wave 4 end, which for now looks pretty good as well. If you just want to accumulate for a longer term hold, you don't need all that - sure. If you like precision and want to trade swings in addition to possible longer term holds, those are some useful tools to use right there.