PayPal has now reached and activated our Fibonacci buying zone.
This zone was initially established on August 20. PayPal has now entered the zone and already shown a significant reaction at the 50% Fibonacci level, located at the upper edge of the zone.
In combination with our successfully deactivated long-term buying zone, this newly activated zone represents another attractive opportunity to establish new positions or accumulate PayPal for the long term.
Updated Fibonacci Buying Zone
We have also expanded the zone by adding a fourth Fibonacci level at 88.7%. This gives PayPal additional room to the downside to complete its current short-term correction before we expect the stock to initiate new long-term bullish impulses and potentially continue into a sustainable cyclical long-term uptrend.
Long-Term Entry Levels
- 50% Fibonacci: $51.47
- 61.8% Fibonacci: $48.81
- 78.6% Fibonacci: $45.03
- 88.7% Fibonacci: $42.75
As long as the current corrective structure remains intact, we consider these levels attractive areas for long-term accumulation.
Once PayPal breaks above the high of White Wave 1 at $62.73, we will officially validate this Fibonacci buying zone and strengthen our expectation that the current correction has come to an end.
We will continue to monitor the price structure closely.
If anything significant changes with this stock, we will update you immediately.
Kind regards,
Monalytics
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