W Short Analysis

11 Tem 2020

Wayfair is showing a possible bearish rising wedge forming on the daily. Watch for a retest of the lower trendline. It's important for W to stay under confluence at 1.618 near 231 for the pattern to hold. Any clean break above 231 or higher will negate the short-setup and lead to a bigger bull setup. Only entering a short position once the lower trendline is broken with a first PT of 200.

Negative news catalyst may or may not play a role on Wayfair.