LYFT - delivered quick 20% gain off my green target box. What to do now?
In April I posted a video “The Only Smart Way to buy Hot IPO’s” where I predicted price of newly gone public LYFT to drop under $50. Back then I posted a chart below and explained that at minimum LYFT had to play (a)-(b)-(c) move down off the top made on the first day of trading.
LYFT - 15 min chart updated on 4/16/2019
On 13 May 2019 I posted a chart of LYFT below for my students in my educational chat and wrote: “LYFT is about to dip into the green target box in a completed (a)-(b)-(c) down fractal”.
The Green Box was located in between 47.31 and 45.45. LYFT bottomed at $47.17 the very same day.
LYFT - 15 min chart updated on 5/13/2019
In ten days LYFT delivered a quick 20% rally off the Green Target box. And now the main question is whether to book that quick profit or hold. There are two scenarios. Either LYFT bottomed in (a)-(b)-(c) fractal as per the chart above. Or it has been in a more complex correction off the top made on the first trading day. That second scenario implies that the rally we have got is a corrective rally before another final plunge to a new lower low. And that is my primary scenario.On the chart below you can see that W-X-Y count and a new target box for another decline to under $40.00.
LYFT - 15 min chart updated on 5/22/2019
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