Mercado Libre (MELI) could be close to start an impulse wave

NASDAQ:MELI   MercadoLibre, Inc
Assuming that the wave count is correct, Mercado Libre could be close to completing a corrective wave to start the fifth wave of impulse, which could send the price to the range of 2,500-2,700 and high at $ 3,000 in the fall of this year.

It is currently at $1,400, the $1,200 is a key support level , more than that I doubt it will go down, if it does touch them, it could be used to buy more.

Both the awesome oscillator and squeeze momentum are at the oversold point and have previously served as good entry signals. For its part, although the money flow index is close to 50 points, it still has room to rise after the low of March 8.

Therefore, if the indicators and the count do not fail, we should expect a next rally in this stock.



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