Tiffany & Company (TIF) traded down by 6%, after initially trading higher in extended hours yesterday afternoon. The luxury jewelry retailer reported earnings per share of $1.67 and total revenue of $1.33 billion, compared to estimates of $1.63 and $1.3 billion.

They also reported same store sales growth of 3%, compared to estimates of 2.8%. However, European sales were disappointing, which may have contributed to the downward break.

Our analysis of TIF’s market cycles indicates the current correction may continue into late April, with a target below $95. Note the bear flag break on the daily chart. The market cycles are designated by the semicircles at the bottom of the weekly chart.

Tiffany (TIF) Stock Charts with Weekly (L) and Daily (R) Bars

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