PINS: Unclear what is next, but a long-term opportunity anyway
The price action for PINS since August of 2024 looks like a big 3 waves corrective move upward. This could be considered as the B wave if we see the big drop from June as the A wave correction. Since that correction was in 5 waves, it can be either the first part of a zigzag or wave 1.
Now, one can argue that entire channel move from May of 2022 to June of 2024 is a B wave. The wave relations do fit that. If that is the case then the big bad C wave has started and the move down so far is only waves 1 and 2 with bigger wave 3 is still upcoming.
So, the way to differentiate between the two would be how the next retrace happens. The current move up may not yet be complete and price can hit $35 - $36 before heading south. If the downward movement is strong and falls below $24, then it is most likely the wave 3 of bigger C. If the move down is slow and steady and takes time, then it is most likely the smaller wave C of Minor degree wave 2.
For Minor wave 2, target would be somewhere between $25 - $21. For Intermediate wave 2 target would be somewhere between $14 - $11. If $10.14 breaks, then all bull case is over. If price doesn't make any retrace below $28 and price moves above $45.78, then bearish cases are over and price will be extremely bullish.
Now, one can argue that entire channel move from May of 2022 to June of 2024 is a B wave. The wave relations do fit that. If that is the case then the big bad C wave has started and the move down so far is only waves 1 and 2 with bigger wave 3 is still upcoming.
So, the way to differentiate between the two would be how the next retrace happens. The current move up may not yet be complete and price can hit $35 - $36 before heading south. If the downward movement is strong and falls below $24, then it is most likely the wave 3 of bigger C. If the move down is slow and steady and takes time, then it is most likely the smaller wave C of Minor degree wave 2.
For Minor wave 2, target would be somewhere between $25 - $21. For Intermediate wave 2 target would be somewhere between $14 - $11. If $10.14 breaks, then all bull case is over. If price doesn't make any retrace below $28 and price moves above $45.78, then bearish cases are over and price will be extremely bullish.
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