$ETSY potential bottom reached (3/5)

Conviction: 3/5

For:

• RSI-W reached historical (short-term at least) bounce levels
  
• Seem to hold resistance level around 158
  
• Typically EW retracement after 5 waves goes to 4th wave of previous wave, which is around where our support is.
  
• Quick ratio is pretty healthy (>2)
  
• RSI-M at level of last bounce (40-50)... although not usual low where major trends reverse (30-40)
  

Against:

• Macro environment is unfriendly
  Stock is expensive on P/S metric, more prone to selling
  
• Still a long ways to fall before any significant support (green line: 2016), current time suggests $70 ish bottom
  
• History is short, not much volatility time periods, perhaps only 2018 (raising rates?)