LendingClub bearish short term outlook
As you can see on the hourly chart Lendingclub has completed a solid 5 wave structure to the upside, with wave 5 being an ending diagonal.
Now it's time to retrace. Lendingclub should retrace to the 61.8% - 67% Fib at around $12.75 - $12.50. This Fib pocket is also the area where the most activity occured, according to the volume profile.
If this level doesn't hold. we should drop slightly below our value area to around $12.20.
Now it's time to retrace. Lendingclub should retrace to the 61.8% - 67% Fib at around $12.75 - $12.50. This Fib pocket is also the area where the most activity occured, according to the volume profile.
If this level doesn't hold. we should drop slightly below our value area to around $12.20.
Comment:
Looks like we're in a corrective wave B to the upside. $LC should retrace to somewhere around $14.70-$15.10.