PTON SHORT!!!! BEARISH WEDGE PATTERN ALMOST COMPLETED
PTON has had a spectacular run. From the Low in early September at $72, the price has nearly doubled!
It appears that there is now a very high probability of a reversal, and PTON will retrace the move from March, 2020.
We expect PTON to have a 32% to 38% correction, bringing the price below $100 and most likely into the $80 to $90 area. This could happen within days or perhaps play out over the next couple of weeks.
There is some potential for upside to $144, however it appears as though PTON could complete it's pattern along the upper trendline in this BEARISH WEDGE (ENDING DIAGONAL), which is currently around $139.
Looking to purchase November Expiry Put Options: 120s, 115s, 110s,
It appears that there is now a very high probability of a reversal, and PTON will retrace the move from March, 2020.
We expect PTON to have a 32% to 38% correction, bringing the price below $100 and most likely into the $80 to $90 area. This could happen within days or perhaps play out over the next couple of weeks.
There is some potential for upside to $144, however it appears as though PTON could complete it's pattern along the upper trendline in this BEARISH WEDGE (ENDING DIAGONAL), which is currently around $139.
Looking to purchase November Expiry Put Options: 120s, 115s, 110s,
Comment:
This morning approximately 45 minutes ago, the diagonal pattern completed AS EXPECTED. There is a very high probability of a MAJOR REVERSAL in PTON right now!
Comment:
We are exiting out of all put positions in PTON for a profit. Right now, the price action is indicative of a move that can occur in either direction. We may choose to re-enter a put position at a later time. We are choosing to "wait and see" as there are better and more volatile opportunities to trade. We do our best to "Never Marry A Position," with few exceptions to that rule. Rule #1 "Don't Lose Money." Rule #2 "Make Money." Rule #3 "Don't forget rule number 1."