It's worth looking again at the previous bearish upthrust which...

It's worth looking again at the previous bearish upthrust which actually turned out to be the best selling opportunity for months and allowed people to buy back in 38.2% cheaper.



The first two distribution days retraced 50% of the upthrust's high in two days.


By the third day it had gone under the 61.8% retracement level of the upthrust. The stock then made a full 1.618 extension of that downthrust before reaching a selling climax.


If you take the bearish upthrust from the high volume day at start of Feb with the first distribution day starting 3 days ago its already retraced to 50% of that upthrust, though of course if you take the bearish upthrust starting from Jan then its only retraced 23.6% so far.

Base case is this is the start of a 38.2% correction which gives it a price target of around $247 by later this year. If it doesn't have follow through then may need to re-evaluate but atm that is the most logical outcome of a pull back here. I'm thinking some sort of bear flag pattern may need to form as part of this given how much 'btfd' mentality has been driven into momo chasers over the last year.