My previous count has us extending in that intermediate wave 5, which the more I am looking at this I am not sure it is going to happen.
Either way with SE earnings on tap I will not be taking a trade just yet. I want entry after ER when the direction this is going is more clear. Over ATH and I will re-count and take a trade, OR I will take the trade in the dip buy area for wave IV bottom, to catch the next ride up.
Reasons I like this alt:
1) - I was semi rushed earlier so I wanted to double back and found that previous intermediate (5)'s were not extended
2) bearish RSI divergence on last peak - leads me to believe that this could very well be the wave 5 peak
3) the 200 extension was hit which is common for wave 5 if 3 tops around 161.8
Reason other Alt could still be right:
1) the 100 extension off the wave 4 bottom is ~400 a share - this is one of the most common spots to find wave 5 top - and we havent reached that yet. So this tells me we could still have more upside room on this next move up
In conclusion - we cant take a trade yet here. Best course of action is to wait for after ER and see where it is going. If it breaks ATH then we likely are in a wave 3 and extending into (5), we can look for a dip to go long. If we flush off ER then we likely head back down to that heavy demand channel - in there we likely will find wave IV bottom and get the steam to rip to ATH with a wave V pt of 440 a share.
For now we wait
Either way with SE earnings on tap I will not be taking a trade just yet. I want entry after ER when the direction this is going is more clear. Over ATH and I will re-count and take a trade, OR I will take the trade in the dip buy area for wave IV bottom, to catch the next ride up.
Reasons I like this alt:
1) - I was semi rushed earlier so I wanted to double back and found that previous intermediate (5)'s were not extended
2) bearish RSI divergence on last peak - leads me to believe that this could very well be the wave 5 peak
3) the 200 extension was hit which is common for wave 5 if 3 tops around 161.8
Reason other Alt could still be right:
1) the 100 extension off the wave 4 bottom is ~400 a share - this is one of the most common spots to find wave 5 top - and we havent reached that yet. So this tells me we could still have more upside room on this next move up
In conclusion - we cant take a trade yet here. Best course of action is to wait for after ER and see where it is going. If it breaks ATH then we likely are in a wave 3 and extending into (5), we can look for a dip to go long. If we flush off ER then we likely head back down to that heavy demand channel - in there we likely will find wave IV bottom and get the steam to rip to ATH with a wave V pt of 440 a share.
For now we wait