$JMIA
Added 2024-08-06 14:43:16 +0000 UTC-47% down today after a double miss and lower growth compared to last year and today or this week was probably not the week to report something like this.
Non-profitable companies will be under a lot of pressure at the moment.
That being said, Wave 5 came very close to the 2 Fib which is standard for Wave 5 to complete at and the decline today fell to the 200 Day MA at $5.50 and has so far held.
This is also in between the 0.618 Fib and 0.78 Fib, this decline happened aggressively and fast but support is absurd so far, remember this did have a very fast rise too from $6 to $15, this volatile moves are common here.
Wait for support and consolidation next before considering a position.
