Wish MONSTER Wedge Breakout Potential

Please look over my prior post about Wish - Potential double bottom for more of an explanation of my analysis. Monday's large market drop sent Wish downwards past it's prior low, so that idea is now toast. However, we seem to have rejected off of what appears to be an absolutely massive falling wedge that has been in play for months. The market is looking very shaky, so traditional charting and trend analysis may not hold up, but if we see a breakout of this wedge and Wish stays above $5.83, it is very likely the end of this downtrend and is very likely to lead to Wish's gap fill around $9.40.

Kommentera:

Breakout is looking good, looks like we backtested the wedge today and are off to the races. Time to hodl.

Kommentera:

There seems to be a significant amount of resistance at $6.25 to $6.30. We need to get over that hurdle on some decent volume before I'll consider the breakout complete.

Kommentera:

Turns out that resistance held, market tanked, my chart and lines broke down, and now I'm a bag holder. This setup was very promising, it's a shame it didn't hold. I will be holding longer term than anticipated but I believe it is just a matter of time and being patient before Wish fills that huge gap.

The only other idea I had after looking at this, is that we are looking at a false breakdown below that long term bottom trend line, and that in the next week or so we will see a relatively large bounce and climb. I think that is a more likely scenario over a continued down trend, at some point this becomes a value play and I'm not sure we aren't there already given that they are sitting on well over $1B in cash and have billions in revenue per year.