eBay has seen a very nice recovery since February lows, where we turned bullish on this stock, but notice that now we can count five waves up from that area, coming out of the corrective channel in a wave four. This suggests that the bullish trend could sooner or later come to an end, ideally around the 110 to 115 area, where we also see the upper side of an Elliott wave impulsive channel.
So be aware of a potential slowdown here. Of course, it could still be just another temporary pause, but if the price breaks below 95.85, then it would suggest that at least a temporary top is in place and that a deeper correction could follow. For those who own the stock, it may not be a bad idea to be more aggressive with stops or even start collecting some profits.
Highlights
. Five-wave move up from February lows suggests mature trend
. Resistance zone between 110 and 115
. Bearish level at 95.85, break opens room for deeper correction
. Consider tighter stops or partial profit taking
So be aware of a potential slowdown here. Of course, it could still be just another temporary pause, but if the price breaks below 95.85, then it would suggest that at least a temporary top is in place and that a deeper correction could follow. For those who own the stock, it may not be a bad idea to be more aggressive with stops or even start collecting some profits.
Highlights
. Five-wave move up from February lows suggests mature trend
. Resistance zone between 110 and 115
. Bearish level at 95.85, break opens room for deeper correction
. Consider tighter stops or partial profit taking
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