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Weekly Wayfair chart suggesting downtrend in upcoming weeks
I have been following W for a while now. Negative earnings, albeit a growing market share and revenue, show that Wayfair still has a while to go before reaching sustainability from an investor standpoint. We should be finding a severe downtrend after finishing an elliot wave triangle with the most recent rally being recognized as wave E. Wayfair has burned me in the past by taking its sweet time to correct, although with recent uptrends in VIX and e-commerce corrections starting to appear (SHOP), I perceive a strong correction coming for W in the next 2 weeks.
As for my technical analysis beyond that, I've noticed a pattern at different fib levels showing downtrends after two weekly bars. Also, we see a lone white candle on the daily chart indicating a reversal coming.
I would love to hear any other input.
Thx
As for my technical analysis beyond that, I've noticed a pattern at different fib levels showing downtrends after two weekly bars. Also, we see a lone white candle on the daily chart indicating a reversal coming.
I would love to hear any other input.
Thx
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