PYPL minor correction before bullish continuation
Updated
PYPL is on a bullish trend. Price could encounter minor resistance at Wave A ($115) and correct to Wave B ($106) before continuing to test major resistance at Wave C ($124). Alternatively, PYPL could push through minor resistance at Wave B, and continue straight to Wave C without correction. The blue circles indicate the value of using the EMA20 as means to identify strong support/resistance.
- Look for entry around $106
- Stop Loss: $102
- 1st Target: $114
- 2nd Target: $124
If I decided to enter this trade, I will likely trade options (CALLS) instead of purchasing the underlying stock.
Note
I anticipate more correction as indicated by the long bearish daily candle with volume convergence confirming the down wave.
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