Technical analysis

EBAY Wave Analysis – 9 February 2023

• EBAY falling inside impulse sequence (3)

• Likely to fall to support level 47.50

EBAY recently reversed down sharply after the price failed to break above the round resistance level 50.00 (former strong support from February and March of 2022, which has been reversing the price from May) intersecting with the 61.8% Fibonacci correction of the downward impulse from April.

The downward reversal from the resistance level 50.00 started the active intermediate impulse sequence (3).

Given the predominant downtrend, EBAY can be expected to fall further toward the next support level 47.50.

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