Please know this is speculative and not serious. Please do not trade beyond meat lol. I'm not responsible for your loses/emotional distress.
I was just bored looking at this sh*t show, when I noticed an interesting pattern that could play out. Bearish 5-0 Pattern (See link for rules).
**I removed all the fibonacci retracements to make the chart look clean**
The XA retracement falls in line with the 1.13-1.618 target range.
The AB retracement of 1.618 - 2.24 probably will just barely hit. We are being held up by the POC on a significant volume profile right now. If it held here, I wouldn't rule out the pattern.
Lastly, short squeeze to the 0.50 of BC @ 158.35 before selling off gracefully.
**This can go much lower than the 1.618 fib, hence the rule for point C 1.618 - 2.24 (Essentially once it "bottoms", however if shorts are squeezed and it "bottoms" expect a 50% retracement).
Now I know what you're thinking, IPO lock up is done. This overvalued pseudo meat company is going down way further. I agree. If this thing was a sh*tcoin, it'd probably be Verge. I don't know.
However, it looks like the stock market is about to go on a run with interest rates being cut at ATH's, billions and billions of liquidity being dumped into the repo market daily, and dollar-weighted put-call ratio beginning to flash a buy signal (www.optionstrategist...bout-put-call-ratios); I really wouldn't be shocked if this sucker screws the bears one last time before its inevitable collapse.
I'm not saying go long. Not saying go short. I just wanted to float this out here, because on the off chance I'm right it'd be kind of cool.
I was just bored looking at this sh*t show, when I noticed an interesting pattern that could play out. Bearish 5-0 Pattern (See link for rules).
**I removed all the fibonacci retracements to make the chart look clean**
The XA retracement falls in line with the 1.13-1.618 target range.
The AB retracement of 1.618 - 2.24 probably will just barely hit. We are being held up by the POC on a significant volume profile right now. If it held here, I wouldn't rule out the pattern.
Lastly, short squeeze to the 0.50 of BC @ 158.35 before selling off gracefully.
**This can go much lower than the 1.618 fib, hence the rule for point C 1.618 - 2.24 (Essentially once it "bottoms", however if shorts are squeezed and it "bottoms" expect a 50% retracement).
Now I know what you're thinking, IPO lock up is done. This overvalued pseudo meat company is going down way further. I agree. If this thing was a sh*tcoin, it'd probably be Verge. I don't know.
However, it looks like the stock market is about to go on a run with interest rates being cut at ATH's, billions and billions of liquidity being dumped into the repo market daily, and dollar-weighted put-call ratio beginning to flash a buy signal (www.optionstrategist...bout-put-call-ratios); I really wouldn't be shocked if this sucker screws the bears one last time before its inevitable collapse.
I'm not saying go long. Not saying go short. I just wanted to float this out here, because on the off chance I'm right it'd be kind of cool.