SQ will top out at 100 followed by a massive 50% retracement Short

Block, Inc.NYSE

Description

⋅ Sep 26, 2018 4:10 AM

SQ has been on fire, and is approaching a critical $100 psychological level. I think it will most likely top out at 100 followed by a massive 50% retracement

Comment

⋅ Oct 8, 2018 4:26 PM

As expected, could not maintain above $100 in such overbought conditions. The correction as begun

Comment

⋅ Nov 20, 2018 7:01 PM

Just hit my target of 55. I think the ABC retracement is complete. It broke the 200 day moving average as well and bounced strongly above. However we need to see if it can hold above the 200 day or else it might drop lower.

Trade closed: target reached

⋅ Jan 1, 2019 4:45 AM

Trend Analysis

Comments

CryptoeChris

⋅ Sep 26, 2018 5:28 PM

I think $97 is as close as we get for the top, and I would like to hear your reasoning behind a 50% retracement? Sound interesting to say the least.

Kamal2188

⋅ Sep 29, 2018 6:51 AM

it will break 100 and carry on to $125,

PURPLE_MONKEY

⋅ Oct 1, 2018 10:22 PM

@Kamal2188, what makes you say that? Same opinion today?

alexfeng

⋅ Oct 2, 2018 4:55 AM

@Kamal2188, Why 125?

Look at the bearish divergence on the MACD and RSI, losing strength while the price topped at 100. Now down trending.

alexfeng

⋅ Sep 28, 2018 11:19 PM

Look at when Google just became public:

Retraced to the .5, .518, and .786 consecutively
And also when AMZN became public:

Retraced to the .618

I don't think a 50% retracement is out of the picture for SQ.

PURPLE_MONKEY

⋅ Oct 1, 2018 10:22 PM

@alexfeng, those are interesting charts, Facebook though did follow the same trend but I believe Apple did after releasing the iPhone went up to $23 and fell to $13 before gaining again.

SQ has avoided the retracement in my opinion. 50% is too late now. Possibility a 30% retracement after the $125 Mark.

jwparc

⋅ Sep 27, 2018 1:41 AM

I hope you don't lose all your money

StephenYu

⋅ Sep 26, 2018 8:05 PM

50% is absurd. There is no justification why it would retrace that much, from technical or fundamental perspective. Tech stocks like SQ have a lot of room to grow... Look at how long Amazon has been going for.