PTON correction at or near Completion? Peloton fib support zones

16 בדצמ׳ 2019

Part of my ongoing analysis of Peloton price action (see links below).

Peloton appears to have stabilized a bit, but likely has one more drop to come.
The perfect 5-wave uptrend is going through the requisite 3-wave correction.
Wave C most often goes further than wave A, so am expecting lower lows.

It is POSSIBLE that correction is done, with the $30 round number test.
But $30 psych and the red 3.618 were PIERCED, are now weak support.
$28.30-28.40 seems a LIKELY target for wave C, and $27.-- is possible.


Previous Analysis (click):
Dec 02, 2019: $37 Top Call
Dec 04, 2019: $35 2nd Top
Dec 10, 2019: $30 Target
Dec 16, 2019: $28 Buy Zone

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16 בדצמ׳ 2019

הערה

OOPS, forgot to include the "Bear Invalidation" zone in chart.
Break above $32.11 makes a lower C much less likely.

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19 בדצמ׳ 2019

הערה

Thursday Mid-Day update:

Correction looking more and more like "done", at least on the surface. Making higher lows and high highs.

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HOWEVER, zoomed IN (5 min) to look at the bounce and using a fib This looks CORRECTIVE more than Impulsive.
"Corrective" as in choppy, no rhythm, not making 'stairs' as in a previous high becomes new support (the highs and lows are criss crossing).

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So it is POSSIBLE that this turns into an "ABCDE" correction rather than an "ABC" Validation would be lower lows from here.
IN-validation would be a break above the blue 3.236 at about $33.67.

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In SUMMARY:
- Still not clear if correction is done, leaning towards NOT.
- Other high flyers are up a lot today, TSLA, NFLX, etc, but this is just barely rising with the tide.
- Need a "down" day on the market, to really gauge this stock's bullishness (or lack thereof).

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