YETI may be ready for a break to the upside.I'm already long this trade but thinking of adding on a break above the triangle AND if the market is moving up...
YETI trade ideas
YETI: GET PREPARED TO SHORTI have been posting fairly accurate YETI predictions for the past month. I have seen this correction coming for a while now, and we are due for a wave C down soon. I expect YETI to hit 0.618 which is what I have right now as the end of Wave B and then start Wave C down, but it may push higher to 0.786 based on the pumps I've seen recently and the very small Wave 2 correction.
YETI: NEARING THE ENDYETI is nearing the end of wave C of Wave B and will soon start a larger Wave C upwards.
YETI: UPCOMING MONTHSThis is how YETI is looking like it will play out in the next couple of months. Prepare for further downside before going back up.
YETI: WAVE B OF B OF BYeti is overall in a wave B of an ABC correction. Within this wave B it is doing a wave B down, and within that is about to do a Wave B up.
YETI getting readyYeti looks like it’s forming a cup and handle formation on the daily. The 8 MA and 21 MA crossing historically for this young stock has been a trigger for some decent runs. RSI and MACD look ready to go as well. On the 4HR chart it just crossed the 200 MA and it’s bringing the 8 & 21 MA’s with it, RSI and MACD look great too. Company that makes quality, durable products should flirt with ATH as we head in to next year.
YETI test support after a solid earnings reportI expect YETI to move back up to the top of its range.
YETI 04.09.19 LongAsset and Time frame -1H Chart
Entry Price -28.5567
Exit(Stop Loss) -27.24
Exit(Take Profit) -33.83
The range between SL and entry -1.31$
Technical Analysis -Price breached the bearish tunnel with volume and a pattern, price retraced back from the -1 Fibonacci level, price action also confirmed the -61.8 Fibonacci level by retesting it, we made a higher low and broke the 2 SMA on the chart (100&200)
Why not enter the trade -X
What can be improved -
Conclusion & End of Trade -
Option Traders Bet Big On Yeti Holdings 20% upside===target price $35- entry level $29.70====
COMPANY PROFILE
YETI Holdings, Inc. engages in the design, marketing, and distribution of products for the outdoor and recreation market. Its products include coolers, drinkware, travel bags, backpacks, multipurpose buckets, outdoor chairs, blankets, dog bowls, apparel, and accessories. The company was founded by Roy J. Seiders and Ryan R. Seiders in 2006 and is headquartered in Austin, TX.
YETI: TIME TO GO LONGYETI has now started the Wave B upwards which I expect to go to the 0.618 fib as the first target with the 0.786 as the 2nd.
YETI: TIME FOR WAVE BYETI can be seen to have completed 5 wave down for a Wave A. RSI also confirms this as the 5th wave didn't dip below the low that the 3rd wave set, which is very common for 5th waves. It perfectly hit my 27.5 USD target and I am now long.
YETI: ARE WE CORRECTING? YETI seems to have recently completed 5 waves overall and is currently nearing the end of the first wave within a 3 wave correction. Could see a red day on
August 9 to complete Wave A, and then green for the following week as YETI undergoes Wave B.
YETI: HOW TO TRADE UPCOMING ERAs I've mentioned in my previous post, YETI is currently undergoing a 4th wave which I've expected to be complete by the ER date. This means that on the day of the ER the 5th wave upwards will begin, leading me to believe that it will be a perfect opportunity to long.
Now as the 4th wave has continued to developed, I believe that the 4th wave is actually an abcde correction rather than an abc, in this case it's a contracting triangle. Subwaves are 3-3-3-3-3.
It seems that the triangle should be done right before the ER is released. If it isn't completed then I would not try and long. ER always jumps in the direction of your wave, or next wave if one has just been completed.
Don't take this advice too seriously, just posting for fun.
YETI: CORRECTION BEFORE NEW HIGHSLAST POST:
Yeti is currently in the 1st wave of 3, within a corrective wave 4. I believe that this 4th wave will go to a price of 33.75 before we start the impulse 5th wave. My first target for the 5th wave is $39.95, and the 2nd target is $41.75. We could see Yeti crawl down a bit further before beginning the 2nd wave within the 4th wave, this would bring the RSI down, and we could see a possible bounce off the RSI support level, then the 2nd wave up, and then the 3rd wave down which would break though the RSI support and go down to the next support level.
RSI SUPPORT:
Just posting for fun, don't take this advice too seriously.
YETI: WHAT'S NEXT FOR YETI?Here is my prediction for YETI. We are able to count the 5 waves properly by using a parallel channel. This means that the correction following the 5 waves is a wxy correction where the end of the (x) wave reaches a higher price than the start of the (w) wave. This is a perfectly legal correction following Elliot's rules. Also a confirmation on this correction can be seen if we look at the end of the (y) wave. If we draw a horizontal line from the bottom of (y) to the bottom of subwave ii within the 5th wave in the channel we see that they pretty much are at the same price level. This is also another observation that Elliot noticed and talked about occurring pretty often. This leaves YETI to be done with its correction and now begins the road of another impulse wave.
YETY 1D. Looks Like Potential PatternTarget $36
all indicators looks like small pull back or sideways for the next few days than going up to at least $36
YETI Round UpYETI looks as though its forming a rounding pattern. This can hit the target up to $27.50-28 for 5-7% profit, until it reaches upward resistance. But it does have the potential to go up towards $29 until it may retrace more
significantly
aiming for completion of C or betting on the new wave?I think aiming for c is a possible scenario which is worth pursuing
based on:
Elliot wave completion of C
Fib retracement of 618, given that market has respected 0.5 so far
however, this would mean that the market has not respected the pitchfork boundaries during the C move, which makes me wonder if we have actually completed the retracement and now trying to make a new wave. therefore i'm not gonna enter a trade right now and see what happens
