Name Your Price! Double Top or Bearish Wolf Wave.
Biggest Gainer over the past 12 years. Priceline.com one of the few companies to make it out of the .com bubble.
Chart suggest we have a possible double top forming or a bearish wolfe wave. To proceed with the double top PCLN will have to take out the 1.618 fib resistance. If price fails to break 1.618, at $729, you will see a quick drop to the .786 fib support. Price could take another turn and full fill the Wolfe wave pattern and head to 554. -or- PCLN can regain strength and attack the 780 double peak later this year.
Right now I see the retest of the .786 fib around 664-677 (small red box inside the wolfe wave) as most probable. This would also set up a strong neckline and reaffirm an overall double top and possible head and shoulder within a wave 5 pattern.
I took the time to go through the chart and pick apart the wave count.
Chart suggest we have a possible double top forming or a bearish wolfe wave. To proceed with the double top PCLN will have to take out the 1.618 fib resistance. If price fails to break 1.618, at $729, you will see a quick drop to the .786 fib support. Price could take another turn and full fill the Wolfe wave pattern and head to 554. -or- PCLN can regain strength and attack the 780 double peak later this year.
Right now I see the retest of the .786 fib around 664-677 (small red box inside the wolfe wave) as most probable. This would also set up a strong neckline and reaffirm an overall double top and possible head and shoulder within a wave 5 pattern.
I took the time to go through the chart and pick apart the wave count.
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