tomj2417
Short

Purplebricks - a bearish count

LSE:PURP   PURPLEBRICKS GROUP PLC ORD 1P
11 0 0
I put out a chart on this UK stock back in September last year showing my idea for a short trade that worked out pretty well. I also suggested the possibility of a rally on the 50% fib retracement and it kindly bounced very solidly since then. However, as hard as I look at it I am struggling to count 5 waves up from the low and the rally, to me anyway, looks corrective rather than impulsive. This count is a bearish count that suggests Purplebricks may be about to begin or has begun it's C wave down. An alternate, and more bullish , count would have the decline finishing at that 50% fib so I shall be watching for both possibilities.
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