On October 2nd, I wrote a research note about GoPro (GPRO). What made the note so interesting was that the geometry and PATTERNS in play pointed to a pullback. While our count differed slightly, the geometry worked well – GoPro’s stock reached a short-term top shortly after our post (and within a dollar of my target). Fast forward to today and GPRO shares are quickly approaching a key price level that will set the stage for a move higher or, ultimately, a full blown bear market.
If you take a look at the chart below you’ll see how GoPro’s stock price surged into the $98 level (and that last move is what I am going to label 5). To sum it up, GRPO finished 5 waves right up into our target area. You’ll also see it targeted the previous wave 4 of a lesser degree around $63 and bounced nicely. However, the move of late has taken that level out and now looks poised to target the $53-$55 level.
IF GoPro is going to move higher, this zone of support needs to hold. If it doesn’t we might have seen the high on GPRO for some time.
GoPro (GPRO) Stock Price Chart
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No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.