There are two things that make me beleive in an upcoming bearish scenario:
1) Elliott Wave analysis with Fibonacci:
W2 = 0,786 of W1.
W3 = approximetly 1.618 of W1 and W2.
The upcoming W4 could go to 1245 before making a new W5.
2) Bearish divergence with RSI.
If the stock turns out to be bullish, then we could se it launch up to 2400 (if we respect the W3 lenght with Fibonnaci). But I don't think it will. I beleive that it's absolutely overvalued at this point.
1) Elliott Wave analysis with Fibonacci:
W2 = 0,786 of W1.
W3 = approximetly 1.618 of W1 and W2.
The upcoming W4 could go to 1245 before making a new W5.
2) Bearish divergence with RSI.
If the stock turns out to be bullish, then we could se it launch up to 2400 (if we respect the W3 lenght with Fibonnaci). But I don't think it will. I beleive that it's absolutely overvalued at this point.
Note
So far, so good :)Note
5th zone now, prepare for the BIG correction!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.