Hey everybody! i liked wish before it became a mainstream on the wallstreetbets forums and now i have some warning points i would like to share with you: 1. The company is doing insanely big volumes vs it's market cap & 2. All retail investors have an eye on it ( bad sign for me) 3. Possible distribution on the 5 and 15 minutes chart? please have a look i would really like your feedback
*I still consider wish a cheap stock at the moment and a move close to the IPO price over the next 3-9 months seems right to me. However with the attention it got from the reddit forum i believe it will accumulate between $9-12 for quite some time, maybe till the next earnings report... retail investors will get bored/tired and eventually exit their positions and then the stock can move higher.
out of all the meme stocks this is my favorite and its showing a lot of strength I wouldn't be surprised to see it back to ipo price pretty soon . alot of positive stuff on the charts, momentum squeeze . short term will keep rallying
xstreamSTL
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I am big into Elliott Wave theory, still learning, I have a tool I use to back up my own research. According to it, we are still on a declining diagonal, wave 2, meaning a short-term bull run. Watch out for the third wave, it is the longest and theory has it running down when wave 2 is over. And it may be over as of today, lower highs and lower lows.
Midyanyy
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@xstreamSTL, nice guess - it is / was just like that. The chart is forming an expanded flat. We are still going down for some weeks. What are your expectations here?
xstreamSTL
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@Midyanyy, Well, they removed my comment. Could it have been because I included a link to a chart that I made on a different site? If so, what happened to freedom of choice?
Midyanyy
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@xstreamSTL, yes - that is possible. Try to use the tradingview chart. Looking forward to your thoghts.
I think that we will sidewards the nex 4-5 weeks till the next earnings call. That will be the "make or break" point. If ContextLogic can provide significant progress in cost cutting + positive outlook the shares should trend upwards.
xstreamSTL
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@Midyanyy, yeah, but mine are much cleaner and the underlying engine of this ch@rt s3rv!c3.
Saryb24
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Yeah the question that you ought to be concerned with is whether or not you will take profit on a fast coming WSB squeeze to $20 and then buy back lower after the sell-off. The answer is yes you should (see CLOV for example)