Trade Idea: Unique Setup on $BYND

I had originally been looking at this as needing another low, and viewed the recent congestion as a triangle:


But you can see how it poked out of that (green arrow), which I wouldn’t really expect. And trying to count internally the arc of death from last fall is fraught with difficulty, and so if I am off by even a single wave somewhere, it might already be done now, like this:


Why do I bring this up? Not because I think it’s the greatest company since sliced bread, but rather, because it’s the second most-shorted stock out there, with a 40.18% (!!) short interest. Anything over 20% is dangerous. If the markets get bullish and we squeeze, this will get a very nice short squeeze. Minimum target for blue 3 is the orange box, some 55% above us, but it can go much higher, too.

On the other hand, if the markets aren’t quite bullish yet, watch this nevertheless. If my first count is right, it may need one more low, but that won’t change the fact that it will eventually squeeze hard. So, get a Post-It note and keep tabs on this for a bit.

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