Reading The Tape

Rally? … Well, sort of for CarMax, and maybe for real, for Carvana (not advice, not a recommendation).

Since CarMax is the laggard, we’ll leave it alone for now and instead, focus on Carvana.

The last update said this (emphasis added):

“Prices are either congesting for a sustained launch higher or preparing to reverse.

So far, Carvana has refused to reverse.

Important to note, the disturbing Fibonacci time correlation. ‘Disturbing’, because we still have the fundamentals in play, link here.

Carvana CVNA, Daily

It looks unbelievable, but there it is.

Note how perfectly CVNA, is respecting Fibonacci levels and time correlation(s).

We’re in the pre-market as of this post (8:54 a.m., EST) and CVNA, is trading slightly lower.

If we get sideways action today, then Monday June 2nd, is the contact point with the trend as shown.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279