Beyond Meat Inc (NASDAQ: BYND) is the first plant-based meat analogue company to go public. However, after an impressive 250% rally from the 2019 IPO, the stock suffered a 97% loss of it’s value within a span of 5 years in decline. The recent surge in price put the spotlight again on the stock so let’s dive into the technical chart based on the .

The initial rally from November 2023 unfolded as a 5 waves advance in wave ((1)) then it was followed by a technical 3 waves Zigzag structure in wave ((2)). As you can see in the following chart, the decline in wave ((2)) reached the blue box at equal legs area $6.86 – $5.23 from where it started the next rally in wave ((3)). The blue boxe in our chart is a High-frequency area where the market is likely to end cycles and make a turn.

The strong rally taking place is proposed to be wave (3) of ((3)) and therefore BYND is still expected to see at least 2 more swings to the upside before ending wave I within a regular impulsive 5 waves advance. The impulsive nature of the current advance ,which reached the 1.618 Fibonacci extension at $15.1, will support the stock during pullbacks in 3 , 7 or 11 swings until it ends the cycle from 2023 low ($5.45).

In conclusion, BYND is in the process of creating an impulsive reversal within the daily cycle which could lead to a long term shift of trend to the upside if the stock sees a followup to the current rally within the rest of this year.

BYND 8 Hour Chart 2.28.2024

Source:-forecast.com/stock-market/beyond-meat-bynd-impulsive-reversal/