Wayfair has been perfectly following the classic five wave up fractal since the beginning of 2015. The top at 147.80 reached in Sep 2018 was the top of the wave 3 up. Then a corrective wave 4 down bottomed at 76.60 in November 2018. This rally that so far has reached a high of 165.72 can be counted as wave A of 5. The wave A of 5 is never strong enough to ensure sustainable breakout over the top of preceding rally in the wave 3 up. In majority o cases it stalls a little bit under or over the top of the wave 3 up. And then we get a corrective decline in wave B of 5. It is always challenging to predict a depth of that correction as well as the path it may take. In general B of 5 should be structured as a-b-c move down. It may retrace anywhere from 38.2% to 61.8% or 76.4% or even go as deep as 85.4% or 90.2%. because in this particular case wave A of 5 was that strong so it could make a new higher high I think that upcoming corrective wave B of 5 down may not be very deep. For instance, it can drop to 125 filling out the gap up.
As soon as that expected correction down in wave B of 5 finds its bottom we should get another rally targeting a new all time high in the course of the final ave C of 5.