Peloton's flash was easy to identify in advance on weekly chart!
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Seeing oncoming possible Inverted Cup and Handle on weekly chart was a strong indicator for Peloton's fall!
We can also see a clear channel ranging between 140 and 160, confirming channel break at 130!
Further drop after 130 was obviously a completion of head!
And then the subsequent rebound around 128, and drop back to 99 was completion of Inverted Cup and Handle,
The best thing to do in this case is ofcourse to hope for a rebound beyond 128, for further upward move,
while, also supporting that expectation with strong fundamentals!
Although, we could clearly see that EPS was already expected to be negative for 6th May earnings, and it further got worse than expected in 26 Aug reports, where the August expectations themselves were way worse than May!
Further on, there was plenty of time - 48 bars on daily chart to gradually reduce the position, before we saw a flash!
Obviously, it's trading on critical historical support zone between 36 to 45.
I'd still expect another major downtrend, not sure when, as forward EPS isn't looking any better yet.
And rather wait for strong series of earnings and long lasting accumulation phase to initiate the long position again!
We can also see a clear channel ranging between 140 and 160, confirming channel break at 130!
Further drop after 130 was obviously a completion of head!
And then the subsequent rebound around 128, and drop back to 99 was completion of Inverted Cup and Handle,
The best thing to do in this case is ofcourse to hope for a rebound beyond 128, for further upward move,
while, also supporting that expectation with strong fundamentals!
Although, we could clearly see that EPS was already expected to be negative for 6th May earnings, and it further got worse than expected in 26 Aug reports, where the August expectations themselves were way worse than May!
Further on, there was plenty of time - 48 bars on daily chart to gradually reduce the position, before we saw a flash!
Obviously, it's trading on critical historical support zone between 36 to 45.
I'd still expect another major downtrend, not sure when, as forward EPS isn't looking any better yet.
And rather wait for strong series of earnings and long lasting accumulation phase to initiate the long position again!
Trade chiuso manualmente
Due to some concerning events in the markets as discussed and referenced in the links below, it seems non sense to say anything, or even get involved into some stocks.It's rather better if I just close this trade here, and avoid any further comments on them.
It's better if you guys make yourself aware about the truth and reality behind this kind of mad movements using following links as some starting points.
Take care! Invest in something sober!
twitter.com/AniKalburgi/status/1471617354249428995?t=0vkZ3ke9RTNqHJPKq9OSrg&s=19
twitter.com/silverguru22/status/1471241268596514819?t=9BBe8xY_S3AnuTO1UTJGng&s=19
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