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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 211993, member: 40858"] 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) [I]Chewy, Inc[B].[/B] 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.[/I] [HEADING=3][B]CHEWY Elliottwave Latest View (Daily):[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/08/CHWY-Daily20220821150748.jpg'][IMG alt="CHEWY"]https://elliottwave-forecast.com/wp-content/uploads/2022/08/CHWY-Daily20220821150748.jpg[/IMG][/URL] 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. Source: [URL]https://elliottwave-forecast.com/stock-market/chewy-inc-chwy-bottomed-ready-rally/[/URL] [/QUOTE]
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