Ebay.
Bid on this.
Ebay was in an uptrend that reached its peak in September '21 when the price entered a distribution stage in the form of a Double Top pattern.
In December '21, the price broke down from the Double Top pattern and entered a downtrend.
he downtrend persisted, making lower lows and lower highs from December '21 through October '22.
The price found support and bounced from the October '22 lows of $36, attempting to break through the previous lower high of August '22. However, the price failed to break the previous lower high and was rejected.
It continued moving sideways and has formed what appears to be a Rising Wedge Pattern. A wedge in a downtrend indicates a continuation of the previous trend.
There is a breakdown of the wedge’s support level, and the price continues to build up at the breakout point. This will be my entry.
Entering trade short.
Entry: 44.11
Stop Loss: 46.28 (-4.92%)
Target #1: 36.16 , +18.02%, 3.66 RR ratio
Target #2: 28.01, +36.5%, 7.42 RR ratio
Bid on this.
Ebay was in an uptrend that reached its peak in September '21 when the price entered a distribution stage in the form of a Double Top pattern.
In December '21, the price broke down from the Double Top pattern and entered a downtrend.
he downtrend persisted, making lower lows and lower highs from December '21 through October '22.
The price found support and bounced from the October '22 lows of $36, attempting to break through the previous lower high of August '22. However, the price failed to break the previous lower high and was rejected.
It continued moving sideways and has formed what appears to be a Rising Wedge Pattern. A wedge in a downtrend indicates a continuation of the previous trend.
There is a breakdown of the wedge’s support level, and the price continues to build up at the breakout point. This will be my entry.
Entering trade short.
Entry: 44.11
Stop Loss: 46.28 (-4.92%)
Target #1: 36.16 , +18.02%, 3.66 RR ratio
Target #2: 28.01, +36.5%, 7.42 RR ratio