The stock had rallied $98.56, or 39.2%, from the Nov. 5 close of $251.44 to the Nov. 11 close of $350, which was the highest close since April 7, 2022.
That means the pullback has retraced 37.7% of the post-election rally. It would have to close today down at least 5.4% to reach the first key Fibonacci retracement target of 38.2%, which would put the stock at $312.35. Among other key Fibo retracement targets, a 50% retracement would be at $300.72, and the big one is 61.8% at $289.09.
Fibo targets are based on the so-called “Golden Ratio” of 1.618, which is found to be prevalent in natural systems. Many chart watchers say if a retracement stays within 61.8%, the previous trend is still intact. A retracement that surpasses 61.8% then warns of a full retracement.