W is facing serious headwinds with spending on goods declining rapidly as the economy opens up and services come back. Price action on W over the last few months has formed an almost perfect Wyckoff distribution pattern. We are now in Phase E, and there is a long way down.
Comment:
Phase E bounce? The highest W will get for this cycle. Likely a good short entry. W moved WayDay (their annual promotion comparable to Prime Day) to 3rd quarter last year, but this year they went back to the second quarter as usual. That explains the smaller YoY decline in top line. Q3 should see a much bigger decline since the last years quarter included the WayDay.
Trade active:
Selling at the 240 range and buying back at the bounce is working out.