Typically when traders look at moves they only look at the extensions and not the retracements like in a normal pattern. But when the market is moving harmonically it will often give us pullbacks that are equal moves to the previous pull backs. In this example a 3rd equal pullback would place us exactly at the previous structure level providing a great exit place for short term traders.
I don't follow the stock market as much as I used to so I'm not up to date on Rite Aid's fundamentals but I do know that it recently beat projections, but also lowered it's guidance for the second time this year. Regardless I'm still this stock both as an investor and trader and this looks as good as a point as ever to enter.
Sign Up For My FREE Weekly Trading Video -
Watch Our FREE Training Lessons & Workshops