PBI PITNEY BOWES Trading opportunity
Updated
PBI had great runup off the lows. nearly 14x from the covid lows.
Its been in bearish direction since 1999. Highly unlikely it will return to new ATH, not anytime soon, but market may decide differently.
At the moment, can see a bearish sequence in play, makes for excellent counter trend trading in between the bounces for some quick fast profits and short term trading (keep an eye on markets and indices and don't hesitate to close positions if you favor the trade going against you)
Can see a 5 wave structure and a head and shoulder pattern. Target range measures just above previous low (aligns close to the unfilled gap). Before it reaches there, should favor some bounces to complete some bearish sequences before resuming lower. Personally Im a fan of trading the ending of the wave 3/iii, the wave 4/iv bounce is typically a 0.236 minima retracement before a wave 5/v ending. Lotta price action tends to take place before the ending, and endings can be slow, has to end, then start move up, then retrace, back n forth few times before the breakout and then the retest, it can be a timely process, whereas the bounces in between before the endings often get nice reactions close to previous buyer support.
So here we can see the 5wave structure favoring an ending soon approaching. The count I gave it was just for the current structure shown. Its an old chart I dont see PBI as a good quality investment, but for trading def worth a shot here.
Pink lines is zone for ending wave (v) of (iii) $3.23-$3.01 (keep in mind, market could decide not to, can also decide to go lower so play safely)
Practice Risk Management, don't over-invest, DCA strategy is a safe method & happy trading.
If you like my charts, please smash like to show your support. Feel free to leave comments or ask questions
Cheers
Its been in bearish direction since 1999. Highly unlikely it will return to new ATH, not anytime soon, but market may decide differently.
At the moment, can see a bearish sequence in play, makes for excellent counter trend trading in between the bounces for some quick fast profits and short term trading (keep an eye on markets and indices and don't hesitate to close positions if you favor the trade going against you)
Can see a 5 wave structure and a head and shoulder pattern. Target range measures just above previous low (aligns close to the unfilled gap). Before it reaches there, should favor some bounces to complete some bearish sequences before resuming lower. Personally Im a fan of trading the ending of the wave 3/iii, the wave 4/iv bounce is typically a 0.236 minima retracement before a wave 5/v ending. Lotta price action tends to take place before the ending, and endings can be slow, has to end, then start move up, then retrace, back n forth few times before the breakout and then the retest, it can be a timely process, whereas the bounces in between before the endings often get nice reactions close to previous buyer support.
So here we can see the 5wave structure favoring an ending soon approaching. The count I gave it was just for the current structure shown. Its an old chart I dont see PBI as a good quality investment, but for trading def worth a shot here.
Pink lines is zone for ending wave (v) of (iii) $3.23-$3.01 (keep in mind, market could decide not to, can also decide to go lower so play safely)
Practice Risk Management, don't over-invest, DCA strategy is a safe method & happy trading.
If you like my charts, please smash like to show your support. Feel free to leave comments or ask questions
Cheers
Note
5 wave structure formingNote
wave iv projection, retracement should be 0.236-0.382 fib rom the move started, and should not exceed 0.5 fib (I'd look to take profits and exit before $3.90). IF it plays out, you can shoot for another trade on the wave v ending (if thats how it plays out)Note
Bear Flag in playNote
ALL BEARS since 1999, but even Bears like a good pump off the lowsNote
looking like an ending is forming. Potentially some great trading range if count is relatively accurate and plays out.
Bullish Divergence look to be getting stronger as well
Note
GREAT reaction off the lows.target range calculation was good, not perfect but good enough
Note
if goes past 0.5 FIB, favors the count as invalid where the (iii) in white can be the (v) with leg down as completed. Focus was just profits nothing more so the objective was successful 
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