Wayfair is at a 0.786 retrace of a prior uptrend (A -> B on the chart), and is showing very clear RSI/MACD bullish divergence. There is a zone of confluence at $136 where one might take profit on a trade. The stop loss is set just below historical support at $106, for a total risk/reward of 2.76.
If there is a price action reversal, up to $144.30, a bearish Gartley pattern will be complete. One should not risk holding a long position up to this point. Instead, consider taking a short if divergence appears on the oscillators.
Happy trading!
If there is a price action reversal, up to $144.30, a bearish Gartley pattern will be complete. One should not risk holding a long position up to this point. Instead, consider taking a short if divergence appears on the oscillators.
Happy trading!