Chegg Inc (CHGG - NYSE) is in 5th internal wave of 3rd up. It is in 2nd internal wave of 5th up shown in chart, which is about to over and up cycle will start. Wait for confirmation to up wave after 2nd wave over. In weekly time frame in ABC is in up move, where C wave is in progress.
Great analysis, I am holding this stock for point C, is it really wise as I do not fully comprehend the charts; please advise
EWFcw
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@techserve2020, As i mentioned in trade idea that you wait for confirmation that wave 2 is over, means wait for clear 5 wave up move in smaller time frame say 10-15 min time frame, so you got confirmation and stops below that low. It may extend losses, we never know.
If you hold it then your stops should be 55.70 initially and if it broke down then get out of the trade. Will always have another chance.
One more thing yesterday market has a tremendous run, but this wasn't participated. So this is not good for trader who are long in this stock.
Advise is the wait for clear five wave and out-performance to SPX, to get in to.
techserve2020
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@CycleWave, Many Thanks for the detailed explanation, it really helped.