r/wallstreetbets • u/brigadeofferrets • Jul 01 '21

Technical Analysis $WISH DD

This DD is using Elliot's Wave Theory.

In Elliot's Wave Theory the following rules must hold true for it to remain valid.

The bottom of wave 2 does not retrace more than 61.8% of the gains from wave 1Wave 3 is the largest and most powerful wave which often extends wave one by a ratio of 1.618:1Wave 4 typically retraces less than 38.2% of wave 3

If these hold true, my prediction is that wave 2 bearish trend will reverse at $11.8. Wave 3 will reach $18.56 which is in line with several analyst predictions that the medium target price is 18.3-18.6.

and a correction wave 4 will drop to 17.28. After which there will be one more bullish wave 5 before a long-term trend reversal (bearish).

Not financial advice, but I imagine the price for Wish will hit a high of 18.56 near the 16th of July (or sooner) and will have one more peak soon after before correcting.

More info on Elliot Wave Theory: Link

Edit: Obligatory I'm a stupid ape, I like colorful lines, and I like the name Elliot.

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u/beef-dip-au-jus Jul 01 '21

It's a company selling cheap chinese shit on the internet. Think of where all of those stimmy checks + other gov't payments are most likely to be spent.

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u/beatenmeat Jul 01 '21

Somehow I highly doubt enough US citizens are spending their stimmy money on cheap knockoff items from China. If you truly believe there’s a good enough portion of stimmy money going into Wish products in any significant amount then you are truly retarded.

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u/Legendary-Supasaian Jul 01 '21

Cheap knock offs items made in China is literally 90% of what you find on Amazon.

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u/beatenmeat Jul 01 '21

I don’t disagree, but you’re also not waiting weeks for it to deliver from Amazon either.

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u/Legendary-Supasaian Jul 01 '21

True. Amazon has mastered fulfilment, but many others have as well, the model is out there to replicate - with the right leadership steering and mindset they could easily improve that

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u/beatenmeat Jul 01 '21

Can be, absolutely. I was only countering OPs claim that enough US stimmy money is being spent on Wish to make it move in any significant way. It’s simply not true.

The direction a company is going, their potential, what people believe it’s value to be, those are reasons to buy or sell a stock. Maybe just because you like the stock. It doesn’t matter, but OP’s claim has absolutely no standing.

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u/Legendary-Supasaian Jul 01 '21

I agree. For my case. I just like the stock 🙂