MP

You all have spoken and stated that you wanted to replace Apple with MP. If you didn't vote, I do apologize, but I gave everyone an equal opportunity to make your voices heard. From this point forward, I will be making weekly posts covering MP on Wednesday nights.

That being said, I have provided an updated long-term outlook regarding MP on this post as well as my hourly live chart. VERY long term, I see this ticker reaching the high $200's to mid $300's before its cycle wave I is completed. I say very long term because it could be 1-3 years before that goal is achieved. Technically speaking, it could take even longer than that as I have no way of predicting time duration. As for the more immediate target though, I see this thing hitting $123 - $189 ideally within the first few months of next year. Again, I cannot predict time duration, but I can use historical price action to get an educated idea.

Looking at the structure [price has carved out, I believe we're now within intermediate wave (5) of primary wave ((3)). Should this be correct, we would be carving out a 5-wave move higher to the next target box. Rather we have completed minor wave 1 or not remains to be see. I have placed a 1? label on the chart showing that I am tracking a potential wave 1 top. If not, then we would make another slight high before embarking on wave 2. My only qualm with this is that it has been less than a week since our last local bottom. That isn't very much time for a minor wave 1. If white is correct, and we have completed wave 1, then we would be moving toward the low 50's for wave 2.

The ALT count that I am tracking suggests that intermediate wave (4) has yet to complete and we're just now within minor wave B. The primary reason behind this count is that what I am calling wave (4) was short in duration and not very defined. However, price did hit the 0.382 retracement fib of wave (3) & bottomed on pos div. Ultimately, we just need more supporting data to make a decision one way or the other.

I was calling for price to hit the 0.786 @ $41.80 a while back if y'all recall. I bought 25 shares @ $48 in an effort to build into a position. However, price hit $47 and then took off higher. Hence the two possible counts I am tracking. If you have any questions on my long-term analysis or more immediate analysis, please let me know. Otherwise, I will update y'all again next Wednesday.