DD analysis Elliott Wave, along with company analysis

DD has recently broken out, and seems to be in the process of it's own 3rd wave movement upwards. According to GuruFocus, the latest major guru trades have been buys with no sells. So the stock likely has some further upside potential thanks to the large shareholdings by certain major investors other than insiders. This would give further credence to the notion that the stock is currently going through a brand new 3rd wave of it's own, which when compared to the greater Elliott Wave analysis, would put this as another large 3rd wave after the first 1-2-3-4-5 and A-B-C completed their own 2 waves. The company is also completing a merger with Dow Chemicals, forming a new company DowDuPont. However, there is uncertainty about the potential of this merger as there are anti-trust issues, and economic questions in regards to the profitability of this new company. (source: Wikipedia) The stock could possibly climb through another 3rd wave, and then a 4th wave down before completing a 5th wave peak within the future.

It will be a goal to find a possible entry for this trade, initially as a day trade for the current breakout, and then later it may turn into an intra-day swing trade by locking in some profits, and letting the rest of the shares ride with potential for pyramiding later on with larger timeframes.

Comment:

Idea for a breakout after seeing Trading View user 'pardis' publishing his idea about a daily breakout candle.