u s shares highlights gopro inc 2 694762015
<p>GoPro Inc (GPRO) – Potential intermediate decline in progress below 61.19 (Click to enlarge chart) Key elements Based on the Elliot Wave Principal, GoPro has […]</p>
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GoPro Inc (GPRO) – Potential intermediate decline in progress below 61.19
Key elements
- Based on the Elliot Wave Principal, GoPro has reacted below the 5th wave target (0.764 Fibonacci projection from 10 March 2015 low to 06 May 2015 low at 61.19.
- The recent decline from 61.19 has been accompanied by an increasing volume.
- The intermediate RSI oscillator has broken below its trendline support.
- The trendline support joining the lows since 10 March 2015 is at 50.00 which also confluences with the 50-day Moving Average and 50% Fibonacci retracement of the up move from 10 March 2015 high to 08 June 2015 high.
Key levels
Pivot (key resistance): 61.19
Support: 50.00 & 46.32
Next resistance: 69.80
Conclusion
As long as the 61.19 pivotal resistance is not surpassed, GoPro may see a corrective decline towards the 50.00 support with a maximum limit set at 46.32 before another potential bullish cycle materialises.
On the other hand, a break above 61.19 is likely to invalidate the expected corrective movement to see the continuation of the medium term bullish trend to target the next resistance at 69.80.
Source: Charts are from eSignal
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