Mattel Continuation of Bearish Move After Double Top Formation1) Significant Double Top formed between 46.00 - 48.00 levels
2) Price has retraced back to Neckline and begin second impulse wave.
3) Price has broken 64 Month Uptrend Line and may transition within a projected down channel
The near term projected path of least resistance, will be for price to continue downwards.
It is also likely that the price will trade within the boundaries of the dotted Downtrend Line.
Theoretical Price Targets:
a) 32.88 = 40 - 7.12 = 32.88 (Conservative)
b) 27.00 = 40 - (48-35) = 27.00 (Plausible)
c) 18.97 { Double Top Neckline - } = 40 - (13 x 1.618) = 18.97
{Aggressive projection, lesser probability of happening vs then a) and b)}
