WOOF will close the gap

Looking at the chart for Petco Health and Wellness (WOOF), here's my analysis:

Current Price Action:
- Trading at $8.38, down 3.79%
- In an Elliott Wave pattern with wave (IV) completed
- Setting up for potential wave (V) move higher

Technical Analysis:
1. Elliott Wave Structure:
- Completed waves (I) through (IV)
- Wave (IV) formed complex correction pattern
- Wave (V) target around $7.28 (0.786 Fibonacci level)

2. Key Price Levels:
- Resistance at $6.50 (horizontal red line)
- Support around $3.63 (previous low)
- Critical level at $6.01 (0.5 Fibonacci)

Volume Analysis:
- October 2024: $20.72M (-70.13%)
- July 2024: $69.57M (+924.46%)
- Recent volume showing accumulation pattern

Notable Events:
- April 2024: $-8.414M (-117.89%)
- October 2024: $-16.673M (+32.83%)
- Long-term downtrend showing signs of reversal

Trading Considerations:
- Currently in accumulation phase
- Stop loss could be placed below $3.90
- Initial target at $6.50 resistance
- Risk/reward favorable at current levels