On $CHWY, I see a 3-wave decline from its high that takes us into the 50-61.8.% retracement of the prior advance (big orange box). The recent leg down (orange c) has the appearance of a 5-wave structure and is diverging nicely here. It’s corrective period may be over, but even if it is not, we may, at the very least, expect a relief rally to the orange box above us. That is my target.
[UPDATE]: This has produced a 35% rally from my original post. I will need to monitor the price action from here prior to making a new call.
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