PYPL - Earnings Pop Pressure Pot ? 🧐

I struggle with the titles here as TV has an interesting take on what is and isn't English...

Anyhow

For PYPL I did previously have a target of $55 for it to hit a more obvious 1:1.618 fib extension.

However upon further review it appears that it will be a 1:1.272 (which btw is √1.618). The 1:1.272 seems to occur when there is significant overshoot from the 1:1 and interestingly the NDX also appears to be bottoming at this fib.

PYPL is forming this steep but yet corrective descending channel. When considered with the rest of the trend which was effectively a cliff face it is very choppy in comparison and is drifting sideways. All of which shows that downside momentum is waning.

There are many ways to to draw trendlines but in this instance I have taken the first two significant pivots and this reveals that there has been a lot of downside fakery but yet PYPL has remained above the lower trendline for the majority of the time.

For a tiniest bit more overshoot I think PYPL may hit the 1:0.5 $67 taking the last pivots from the top.

I think very likely this contracting pattern is building strong upside cause and with earnings coming up could see an explosive upside move soon. This will also depend on where indexes are by then and perhaps the move up will come earlier.

Not advice.

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Breaking out!

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Topping with NDX. Taking profit.

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This one went well.

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Forgot to come back to this one but I exited a little while ago with NDX looking toppy. I hold only shorts now.