This is a textbook Elliot wave impulse move to the downside with clear alternation.
We are clearly on a wave 5, however, I'm not quite sure if we have completed the wave yet. It appears to be close to popping out of the channel, which suggests sellers are drying, but usually wave 5 is equal to the length of wave 1, so I'm waiting to see what happens after earnings.
If we do drop down to the buy box, it will be a solid buy to ride up to the 11 mark for a 38% retrace (then going down some more) We could have a good ER and we will see a pop, I might jump in depending on how much it pops. Lets see how this works out. I have no idea what this company does, nor do I care. I'm just reading a chart.
Good luck
We are clearly on a wave 5, however, I'm not quite sure if we have completed the wave yet. It appears to be close to popping out of the channel, which suggests sellers are drying, but usually wave 5 is equal to the length of wave 1, so I'm waiting to see what happens after earnings.
If we do drop down to the buy box, it will be a solid buy to ride up to the 11 mark for a 38% retrace (then going down some more) We could have a good ER and we will see a pop, I might jump in depending on how much it pops. Lets see how this works out. I have no idea what this company does, nor do I care. I'm just reading a chart.
Good luck
