3 weeks ago, $WWE broke below its weekly uptrend line.
Since it 2014, $WWE managed to recover its losses, mainly due to the launch of the WWE network that has picked up 1,000,000 subscribers by now all around the world.
On August 2015, following two strong weekly candles, $WWE spiked and completed a 61.8 Fib retracement level and signaled that the bullish correction move (started on January 2015) was over.
Since then, the stock lost about 30% of its value and closed last Friday below a major weekly structure zone -17-18$
What I'm looking at now is potential bearish continuation setup that will lead $WWE to the strong buy zone near 13$ (additional 20-25% decline in stock price). The reason I'm focused on the bearish side is the broken uptrend line (and also the weekly lower low we got on November).
The two sell zones - 18$, 18.5-19$.
Stop loss should be near 20$ (better above)
Final target zone - Completion of AB=CD pattern
Tomer, The MarketZone
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Since it 2014, $WWE managed to recover its losses, mainly due to the launch of the WWE network that has picked up 1,000,000 subscribers by now all around the world.
On August 2015, following two strong weekly candles, $WWE spiked and completed a 61.8 Fib retracement level and signaled that the bullish correction move (started on January 2015) was over.
Since then, the stock lost about 30% of its value and closed last Friday below a major weekly structure zone -17-18$
What I'm looking at now is potential bearish continuation setup that will lead $WWE to the strong buy zone near 13$ (additional 20-25% decline in stock price). The reason I'm focused on the bearish side is the broken uptrend line (and also the weekly lower low we got on November).
The two sell zones - 18$, 18.5-19$.
Stop loss should be near 20$ (better above)
Final target zone - Completion of AB=CD pattern
Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/R3gPVE
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT