Good day Traders and Investors. In today’s article, we are going to take a look at the Elliott Wave path in Chewy Inc. ($CHWY)
Chewy, Inc. founded in 2010, is an American online retailer of pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. It offers approximately 100,000 products from 3,000 partner brands. In 2017, Chewy was acquired by PetSmart for $3.35 billion, which was the largest ever acquisition of an e-commerce business at the time.
CHEWY Elliottwave Latest View (Daily):
The Daily Chart above shows the rally from March 2020 unfold in a 5 swing impulse. The stock ended the cycle from 03/2020 on 02/2021 at $120 and started to decline. Since the peak at $120, the stock has unfolded in a corrective zigzag structure (abc). We have the first 5 swings in red a followed by a bounce in b that peaked on 08/09/2021 at $97.74. Red c went on and also unfolded in a 5 swing structure with an expanded flat in the wave ((4)) connector to reach $22.22 on 05/24/2022 at ((5) of c of (II). It also reached the Daily Blue box area from the all time peak which comes at $41.26 – 6.39. The bounce from 05/24/2022 at $22.22 appears to be impulsive taking the 08/09/2021 pivot at red b and breaking above the Weekly RSI channel from the all-time peak. As long as price remains above 05/24/2022 low at $22.22, the low can be in place and the stock is favoured to keep extending higher.
Using proper risk management is absolutely essential when trading or investing in volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
Elliott Wave Forecast
We cover 78 instruments in total, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy. It defines Entry, Stop Loss and Take Profit levels with high accuracy.
Welcome to Elliott Wave Forecast!Back