FDX needs to hold above previous low around 256

Any break below 256 is the invalidation point to our macro 1-2 start, and could suggest further downside. Labelled in white is the potential bullish count, that would start in a 1-2 pattern. If we can see that, this could suggest a new trend that is filling out our wave 3 target to 356. I am personally stopped out, waiting for some consolidation around the current price (again, holding above the 256 level), or a 1-2 start.

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Copyright Rohan Karunaratne 2020

Trade closed: stop reached:

Invalidation of setup, fallen below 256