PTON Support Resistance zones via Fibonacci: Peliton near a top?

2019년 12월 2일

Plot to study this asset's behavior around key Fib multiples.
Is this one of the few IPO's with immediate success this year?
Or is it about to run out of steam and wither away like many?

I know what you are thinking of the chart above:
"Draw enough lines and some will hit every time".
My goal is to study the price action at each zone.

Some of these waves could dictate the future for years to come.
Thus it is important to study the "birth" of a stock in great detail.
We will see a retrace at some point, which will offer many clues.

34.26 - 34.44 is immediate Resistance, Blue 4.618 possible wave End.
36.70 - 37.09 is next Resistance, Blue 5.236 very common wave ender.
39.75 - 39.90 would be the maximum expected before a correction.

It is actually possible we have technically TOPPED.
Or maybe we see a BULL TRAP above then steep drop.
Or I am totally WRONG and it goes straight past $100 :)

I will post updates at key milestones or rapid changes.

2019년 12월 2일

노트

Movement at Market Open on Monday to be fair, the entire market dipped due to US PMI news and misses.

But this just happened to be at a possible top when this force was applied.
It may turn out to be the "straw that broke the camel's back" situation.

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2019년 12월 2일

노트

Zoomed IN, we can already see the Fibs being VERY relevant As long as price keeps reacting to the fib lines and zones, I will stick with those fibs.
If and when the price wanders, that is a clue that we have a NEW force at play, ie: a a new Impulse and Fib series to be found and interlaced with the old ones.

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2019년 12월 2일

노트

Throwing a Fib on the pullback thus far, we have some new CLUES already so the band at 32.78-32.91 has just be re-inforced.
It will be strong support from above, and if price dips below it will be stronger resistance.

iven that new info (red fib) I can adjust some of the zone below per notes on this snapshot So now we observe this retrace and bounce for further clues.

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2019년 12월 3일

노트

Hit upper zone yesterday and retreated all day today Again, to be fair, the entire market had a down day due to Trade War news.

Zoomed in with the Red Fib from yesterday's drop some clear Pings (exact reflections) from this fib, even though price had surpassed the top of this fib.
That is why established Fibs remain in effect even after price has gone beyond and returned.

Zoomed in MORE (1 min) we see that both zones traversed are clearly effective

Zoomed back OUT, looks like we will test that support zone at $32.74-98 I hope it does, because I want to see if this zone as now been "reinforced" by the red Fib' as mentioned in above update.

In summary:
This stock is moving with the market, but with higher amplitude (common for high flyers).
I expect a slight gain tomorrow, and then retest of $33.

2019년 12월 4일

노트

Peaked and pulling back as expected

The peak and current bottom both fell within an pre-marked zone The peak was clean, the bottom pierced original support band a bit.

Zoomed IN with a fib added to second leg down SECOND leg because the first leg down (the straight down part) may or may not be a true impulse.
At least it was not made by applying a new force, perhaps it was the removal of old force.
But I will keep a fib protracted on that for higher tf reference.

Zoomed OUT a bit and some notes on pic: we are headed lower.

So I have adjusted a couple of zones based on new fibs, and plotted a couple of possible supports

In summary, we can expect $31.77/95 at least, likely $30.62/81 as next target.

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