Analysis Summary For Copart (CPRT):
Analysis Date: July 5th, 2023 (BEFORE 2:1 STOCK SPLIT – DIRECT HIT)
Time Target: July 24th +/-
Price Target: $93.50-95
Projected Move: 50-60% decline by March of 2024
We have clear longer-term cycles suggesting CPRT will move very quickly to the downside between July of 2023 top and March of 2024 bottom. Further, we have a clear bull market completion point for the current rally in both price and time. A rather quick 50-60% decline should follow once the top is put in place.
Upcoming Turning Point PRICE Variable:
Our mathematical calculation and geometric composition for the stock suggest CPRT will top out between $93.50 and $95.
Turning Point TIME Variable:
While we would like our TIME variable to be a bit more clear in this case, in reality it can arrive anytime between now and mid August. With July 24th (+/- 5 trading days) being the center of gravity for this point. In other words, ideally CPRT will hit into its final price projection around July 24th, but that can happen a little bit later if the price variable is not triggered by then.
Trading Recommendation:
A short position should be established at any point between $93-95 over the next few weeks. Most likely around July 24th. A stop loss should be put in at $97.25 If CPRT pushes above this level the overall forecast will fail. A 50-60% decline should follow into March of 2024 (about 8-9 months).
***No Options: We would discourage everyone from using options at this time due to a variety of possible timing issues. While the PRICE move described above is not in question, at times the overall move can take longer than originally anticipated/projected..
