There have been a lot of mentions about this stock on social media and in the media in general such as CNBC etc. I am not surprised as it’s been on a mission the last few weeks; however the recent peak could well have put in a significant peak, especially considering the media attention this stock has got recently.
Whenever a stock or market gets highlighted, it’s generally very close to a turn and usually close to high or low; in this case I can make a solid claim that there are enough gyrations to suggest the advance from the April 2018 lows has ended an impulse wave (5 wave rally).
To support the more bearish idea (Idea 1) and a large move lower to at least correct the advance from the April 2018 lows, then I would want to see a move below 24.90. The alternative idea that I am tracking (Idea 2), suggests the recent high is only that of a 3rd of 3rd wave and a few more gyrations as shown would be seen to extend the advance.
However if we see a big move below 24.90, then I feel the depth of the decline would not be fitting with the prior gyrations and is likely part of a move lower for Idea 1.
If you own the stock you might want to pay attention to the area around 25.90 – 26.00, in my opinion, any weakness should really find buyers if further upside is going to be seen for the alternative idea (Idea 2).
If history is a guide, then the recent high could be as significant as the prior 2 peaks.
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