That new piece of information is telling: why didn’t the bearish structure break down?
Answer: the market may not be as bearish as we were expecting here. Given the potential for the markets as a whole to break up sharply here, we can reinterpret the structure on this stock as a large inverse, with the right shoulder probably complete.
Should this break up sharply, the target for this is over $700. We would like to see this “right shoulder” stay close to or above the “left shoulder.” Falling below the 12/2 low will begin to cast doubt on the interpretation.
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