We are currently looking at the daily chart of Ferrari. What do we see on the chart?
AB=CD pattern completion at $ 46
The big reversal in May 2016 was started at $ 46
If we draw the Fibonacci retracement from the moment of the Initial Public Offering in late 2015 to the low swing of February 2016, the 50% retracement end up just above $ 46
All in all, I think this is a good opportunity to go short.
Entry: $ 46 Stop: $ 47 Target: $ 43 = R:RR 2.63
Good luck if you take this trade. I will keep you updated.