This looks like a bearish bat that could take price to the .886, or in more extreme cases the 1.113 fib level.
Or price could get stuck at the 1st question mark. Maybe not.
These 2 bearish wedges are not valid as the bottom trendlines have not been broken.
The pattern says price will go higher yet the rising wedges can be very long term patterns so could be a while until they are broken. Or not. It is on the 4th leg which can be profitable.
Or you can just wait. I do not like rising wedges but have missed out before because of this feeling. They can sometimes take a long time to break, but they always do from what I have seen.
One could chance it and ride this up as the W pattern has room to run.
If the market turns, I just do not feel comfortable owning this right now. I used to own it though so I like the stock and I will own it again one day.
Time will tell.
Several scenarios and I can only choose one, or refrain from choosing anything at all.
No recommendation.
Or price could get stuck at the 1st question mark. Maybe not.
These 2 bearish wedges are not valid as the bottom trendlines have not been broken.
The pattern says price will go higher yet the rising wedges can be very long term patterns so could be a while until they are broken. Or not. It is on the 4th leg which can be profitable.
Or you can just wait. I do not like rising wedges but have missed out before because of this feeling. They can sometimes take a long time to break, but they always do from what I have seen.
One could chance it and ride this up as the W pattern has room to run.
If the market turns, I just do not feel comfortable owning this right now. I used to own it though so I like the stock and I will own it again one day.
Time will tell.
Several scenarios and I can only choose one, or refrain from choosing anything at all.
No recommendation.
Comment:
8/17 When price reaches the end of that 4th leg, it will most likely reverse and I plan to short this when I see a signal to do so. This is closing in on the W targets to the upside fast.