Updating my ADSK idea from a few days back which has played out nicely. This has formed a nice cup and considering 1. the bullish week it had and 2. the fib retracement (1) and extension (1.618) immediately above, it should bounce off resistance to begin forming the handle. I am reticent to predict an exact path but I think there is a good likelihood that consolidates below, potentially creating a proportional handle at 30% of the cup, before moving upward to new ATH in a pre-earnings run up.
In the past version I had incorrectly listed the 1.618 extension by a point and have updated it to 265.85. I have also updated the upper trend line and fib extensions above.
In the past version I had incorrectly listed the 1.618 extension by a point and have updated it to 265.85. I have also updated the upper trend line and fib extensions above.
Comment:
Fallen lower than anticipated but respecting the fibs nicely. A run into earnings is still possible.
Trade closed: target reached:
Took longer, retraced further and bounced harder off the 1 retracement than expected, but nearly touched the upper trend line on a good earnings response.