Kappy

Triangle in GMED

Long
NYSE:GMED   Globus Medical, Inc
Screening through many stocks this morning this was the chart the stuck out to me. A clear triangle. I will be quite surprised if it doesn't play out because of how textbook it looks. Price appears to have broken the triangle upper boundary. A close above this boundary will support continued strength to the upside. Based on the size of the triangle the simple target areas are within the yellow box.
Comment: Adding detail to the above count. I'm interpreting the triangle to be a Y wave of a larger WXY combination correction.
Comment: An alternate interpretation of the WXY count.
Comment: Bigger picture counting the triangle as all of a wave 4.
Trade closed manually: The thrust out of this triangle is weak. Price is turning over. Possibly we're in a wave 2 sub-wave of the larger move out of the triangle. My conviction is no longer strong on this trade. Closing to lock in profit while ahead.