Despite already falling 50%, ANSS has merely reversed the blow-off top caused by the 2020 melt-up. The symmetric top is nearly complete. I expect a break will initiate a move to the March 2020 low around the $130s.
Catalyst will be the major indexes breaking to new lows, initiating the first capitulation selling wave of this bear market.
Catalyst will be the major indexes breaking to new lows, initiating the first capitulation selling wave of this bear market.
Trade active:
ANSS has touched the February 2020 peak, a symmetric spot. If it weakens from here, the low target remains open. Above and it is not a compelling short.