$SHOP TOP 20
Added 2024-07-24 20:15:57 +0000 UTCToday was not an insignificant day, the $SPY and $QQQ had their worst day combined since October 2022, which was just before the start of the Bull run, this date is important, meaning we have not had weakness like this since the last bear market.
$SHOP was under pressure today and lost its 0.618 Fib and yellow trend line, it will need to recapture this level, like it did in the middle of May to keep the impulse wave valid.
I have added in the red impulse invalidation line at $56, which is the May low, if the price drops below here, then the impulse wave in its current form can not be valid and we are still in a correction.
Wave C could decline then to the larger 0.618 Fib at $49.62, which we remember from May, so this would be an -18% drop from here.
If this is something you are not comfortable with, you should manage your risk.
$49 is where I have had the Buy Zone and I will certainly be adding here if we get this opportunity.
Comments
I like this longer term views here and on AMDs you just posted than the small subwaves. I feel like ppl do the small subwaves and forget the overall big picture. Then get upset when it doesn’t go their way
Brian
2024-07-24 20:32:13 +0000 UTC
