If you've been a follower of my analyses on WISH, you would know that this stock has been following a downward channel in a grand Elliot-wave sequence. We are coming close to the end of the impulse, which would be around $1.27. After, we will get an ABC wave to the upper trend-line. There are two ways of interpreting the chart:
1) The wave that's about to finish was impulsive wave 3/5. We then get ABC wave 4, unable to break the channel, followed by the last wave down to penny land (~.75)
or
2) The wave that's about to finish is wave 5, evidence of that being macro oversold conditions. We break channel if this is the case for a short-squeeze, super bullish move.
We are currently in the Bear Market territory that we called last year. The entry for both is the same, bottom of the trendline, historically, Fibonacci 2. Things will get interesting soon so have patience and diligence during these times.
Best,
Ash
1) The wave that's about to finish was impulsive wave 3/5. We then get ABC wave 4, unable to break the channel, followed by the last wave down to penny land (~.75)
or
2) The wave that's about to finish is wave 5, evidence of that being macro oversold conditions. We break channel if this is the case for a short-squeeze, super bullish move.
We are currently in the Bear Market territory that we called last year. The entry for both is the same, bottom of the trendline, historically, Fibonacci 2. Things will get interesting soon so have patience and diligence during these times.
Best,
Ash
