It’s been a rough run for Zillow Group (NASDAQ:ZG)… not only has the business struggled of late but it’s now seen its struggles hit the mainstream news.
For lack of a better phase, Zillow has become a punching bag on social media. It’s home-flipping business is taking huge losses and, well, things just aren’t good.
As you can imagine, this has infiltrated its stock price. And as per usual, the stock price picks up on it well in advance…
Here we look at a “weekly” chart of Zillow Group from Marketsmith.com and an ominous pattern that took root several weeks ago. Here we have a potential “Eiffel Tower” pattern in the making with the right shoulder taking root in decline.
So how much lower could Zillow stock price fall? Well, if the pattern holds true to form, the stock could fall to $30-$32.
Yes, the stock has already stumbled big time… but could it fall another 50%?
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