The Long Investor

$SQ

Added 2023-08-04 11:47:59 +0000 UTC

Earnings report was released yesterday and although it is a double beat, it is down in the PM, possibly following $PYPLs lead, and concerns with the 10 Year yield, which does appear to be going higher over the short term.

However, the chart is still maintaining its structure but working its way down the Fib levels now, it lost the 0.78 Fib in the seller frenzy after the earnings, so we are watching the 0.618 Fib at $69.30, which is an important level now for a number of reasons:

1. The 0.618 Fib is on the yellow trend line which has been the previous low line support.

2. The 50 and and 200 Day MA are moving up to meet this level too.

3. Holding at this level would validate the Wave 4 level, by not intruding on Wave 2, as the price can not go below $67.80, as this would invalidate the rules of EW Theory and the impulse count would be over.