$ETSY potential bottom reached (3/5)Conviction: 3/5
For:
RSI-W reached historical (short-term at least) bounce levels
Seem to hold resistance level around 158
Typically EW retracement after 5 waves goes to 4th wave of previous wave, which is around where our support is.
Quick ratio is pretty healthy (>2)
RSI-M at level of last bounce (40-50)... although not usual low where major trends reverse (30-40)
Against:
Macro environment is unfriendly
Stock is expensive on P/S metric, more prone to selling
Still a long ways to fall before any significant support (green line: 2016), current time suggests $70 ish bottom
History is short, not much volatility time periods, perhaps only 2018 (raising rates?)