SUMMARY
Many, many days ago, on March 17 of this year, the below chart analysis of WAVES was posted. It consisted of the bottom being near (blue wedge) and had targeted the final blue Y at around $3 or so.
Since then, price reached as high as $8.43; delivering a 149.55% in profits. So, is that it? Is the rise over? Not at all, IMHO. I've labeled the five impulse waves up (white) and clearly the first round of impulse is complete. Elliott Waves states that after five waves, there is a requisite reactionary retracement. To that end, I've drawn the ABC red correction which should reach to around prior wave 4 before resuming the uptrend. The rounded price formation is also quite uncanny and the heights of the left and right walls are quite symmetrical!
Observe the much larger picture in play. The blue rounded price pattern fully encompasses the smaller Cup & Handle bullish pattern. This is not bearish but rather makes it uber bullish.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
