Wayfair At a crossroads
The bigger picture here is the cup it's been forming which started after that major uptrend last spring. Now in yellow you can see the shape of a pennant forming which could be the handle on this cup. All indicators are bearish here but I did notice the selling pressure slack up on Friday.
Here's the strategy I'm applying
If Pennant support gives way short it until 313 or Fib .618
if 313 gives way then a triple top would be formed and you can then short to 295. if 313 holds close short position. Honestly a drop to 295 would make for a better handle on the cup.
wait until a cross above 337 for breakout conformation to go long. Good luck.
Here's the strategy I'm applying
If Pennant support gives way short it until 313 or Fib .618
if 313 gives way then a triple top would be formed and you can then short to 295. if 313 holds close short position. Honestly a drop to 295 would make for a better handle on the cup.
wait until a cross above 337 for breakout conformation to go long. Good luck.
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