Looking at the chart for Petco Health and Wellness (WOOF), here's my analysis:
Current Price Action:
- Trading at $8.38, down 3.79%
- In an Elliott Wave pattern with wave (IV) completed
- Setting up for potential wave (V) move higher
Technical Analysis:
1. Elliott Wave Structure:
- Completed waves (I) through (IV)
- Wave (IV) formed complex correction pattern
- Wave (V) target around $7.28 (0.786 Fibonacci level)
2. Key Price Levels:
- Resistance at $6.50 (horizontal red line)
- Support around $3.63 (previous low)
- Critical level at $6.01 (0.5 Fibonacci)
Volume Analysis:
- October 2024: $20.72M (-70.13%)
- July 2024: $69.57M (+924.46%)
- Recent volume showing accumulation pattern
Notable Events:
- April 2024: $-8.414M (-117.89%)
- October 2024: $-16.673M (+32.83%)
- Long-term downtrend showing signs of reversal
Trading Considerations:
- Currently in accumulation phase
- Stop loss could be placed below $3.90
- Initial target at $6.50 resistance
- Risk/reward favorable at current levels
Current Price Action:
- Trading at $8.38, down 3.79%
- In an Elliott Wave pattern with wave (IV) completed
- Setting up for potential wave (V) move higher
Technical Analysis:
1. Elliott Wave Structure:
- Completed waves (I) through (IV)
- Wave (IV) formed complex correction pattern
- Wave (V) target around $7.28 (0.786 Fibonacci level)
2. Key Price Levels:
- Resistance at $6.50 (horizontal red line)
- Support around $3.63 (previous low)
- Critical level at $6.01 (0.5 Fibonacci)
Volume Analysis:
- October 2024: $20.72M (-70.13%)
- July 2024: $69.57M (+924.46%)
- Recent volume showing accumulation pattern
Notable Events:
- April 2024: $-8.414M (-117.89%)
- October 2024: $-16.673M (+32.83%)
- Long-term downtrend showing signs of reversal
Trading Considerations:
- Currently in accumulation phase
- Stop loss could be placed below $3.90
- Initial target at $6.50 resistance
- Risk/reward favorable at current levels
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.
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.