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From COVID lows in this weekly time frame its appears to be in its terminal 5th wave.
After making an expanding diagonal (horn) in a sideways corrective its now set for an attempt for a new high which could see a medium term top formation in it.
As per Elliott Wave after 5 up waves a stock goes into a corrective, since this is weekly (3 years of rally) the next correction can be deep in terms of both price and time.
We might see a lot of positive news being announced over the next few weeks as it advances into new territory, which is the norm when a stock appears to be concluding its entire wave structure.
An ultra bullish count would suggest stock sustaining above 1800 else this path is likely to be correct.
Short term trading bullish
Medium term exit on rally
From COVID lows in this weekly time frame its appears to be in its terminal 5th wave.
After making an expanding diagonal (horn) in a sideways corrective its now set for an attempt for a new high which could see a medium term top formation in it.
As per Elliott Wave after 5 up waves a stock goes into a corrective, since this is weekly (3 years of rally) the next correction can be deep in terms of both price and time.
We might see a lot of positive news being announced over the next few weeks as it advances into new territory, which is the norm when a stock appears to be concluding its entire wave structure.
An ultra bullish count would suggest stock sustaining above 1800 else this path is likely to be correct.
Short term trading bullish
Medium term exit on rally
Comment:
ultra bullish above 1900 not 1800 as mentioned
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