$MELI
Added 2024-02-23 16:51:04 +0000 UTCHard rejection at the 2 Fib which is the standard Wave 5 level to complete after earnings and is now down -12% after reporting an EPS miss of -54% yesterday.
I have added in the amber Fib levels for its ABC correction but there still may be one more leg up at play here to the blue line at $1969 (which is their 2021 high) before rejecting.
$MELI wants to be the $AMZN of South America but these are big shoes to fill, it can not afford to miss on earnings....that being said, it was in Wave 5 and it has run its course.
If the ABC correction is starting now, Wave C can complete to $1211 or below towards the end of the year.
Comments
It was a 1 time charge of 350m re miss btw Exceptionally well run company Doesn't change chart though I've had it building a handle here for months .. I'll be holding
TommyJR
2024-02-23 18:12:39 +0000 UTCIn this situation, I would trim a bit
Gareth Neary
2024-02-23 17:01:27 +0000 UTCWhat should holders do here? Trim a bit maybe?
Damien O'Sullivan
2024-02-23 17:00:27 +0000 UTC
