SONOS to complete 3 wave movement, candidate for a pullback
Updated
DISCLAIMER: I currently do not have any positions in SONOS, but I am looking to hop into a short trade prior to the pullback.
The current trend looks like it has some room still to go, however, at the top of the triangle there appears to be two big points of resistance that the stock faces from a historical standpoint.
At the beginning of the current positive trend we started a bear flag that didn't complete, which probably was a mix of positive news, market holiday season, etc. This stock should correct with the rest of the market come early January.
The pullback might not be as severe as this chart might suggest, but the steam on this positive trend looks to be getting a little bit tired.
The current trend looks like it has some room still to go, however, at the top of the triangle there appears to be two big points of resistance that the stock faces from a historical standpoint.
At the beginning of the current positive trend we started a bear flag that didn't complete, which probably was a mix of positive news, market holiday season, etc. This stock should correct with the rest of the market come early January.
The pullback might not be as severe as this chart might suggest, but the steam on this positive trend looks to be getting a little bit tired.
Order cancelled
Will re-evaluate after the New Year in a few days. Will be looking for a similar chart pattern.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.