SUMMARY
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If one had purchased at the bottom of blue wave 2 and held to wave 5; ignoring the wiggles and squigles that often spook the weak hands, Autozone (AZO) would have delivered MASSIVE profits! However, after five waves, a requisite correction is a must and that has started.
One corrective price pathway is shown in the below chart. The red ABCDE could trace out the symmetrical triangle pattern. This would certainly take quite a bit of time to complete.
The more probable corrective pathway could be an ABC sequence. The subwaves of red C are shown in blue and likely wave 1 is complete and 2 is in progress. Is it possible that the red A wave itself suffice as the whole correction? Yes, but it would be took quick and V necky.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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