The recent peak at $73.61 was exactly a 1.61 retracement from the 2007 peak to 2008 bottom. This is often a place where stocks will find resistance.
Additionally, this stock has broken down from a bearish wedge, which suggest a fairly steep fall from current prices.
I expect this stock will fall between the 0.50 and 0.382 retracement zone (the green layer, where the red circle is).
The most interesting thing to me is that this stock looks very similar to SPY (SP500). Will the SP500 follow the same outcome?
Additionally, this stock has broken down from a bearish wedge, which suggest a fairly steep fall from current prices.
I expect this stock will fall between the 0.50 and 0.382 retracement zone (the green layer, where the red circle is).
The most interesting thing to me is that this stock looks very similar to SPY (SP500). Will the SP500 follow the same outcome?