A picture this clear leaves nothing much to be said. A Red 5 up is complete, and so a significant pullback is due. What is not known is where in the larger picture these red 5 waves lie.
..... and so on the longer timeframes we have the below questions. Is this a
1. Red 5 of I
2. Red 5 of III (will be eliminated if price crosses 44)
3. Red 5 of V
The outlook in the medium term however stays the same. The move from 17.55- 86.07 will be retraced and a pullback is due. My guess is that the pullback will take us to either 70 or 51.
Either way now seems like a good place to ditch the stock or short it.
The count will be invalidated if price breaks the highs at 86.07
..... and so on the longer timeframes we have the below questions. Is this a
1. Red 5 of I
2. Red 5 of III (will be eliminated if price crosses 44)
3. Red 5 of V
The outlook in the medium term however stays the same. The move from 17.55- 86.07 will be retraced and a pullback is due. My guess is that the pullback will take us to either 70 or 51.
Either way now seems like a good place to ditch the stock or short it.
The count will be invalidated if price breaks the highs at 86.07
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