lawlee9
Long

Sony LONG - Pushing for the 5th wave

NYSE:SNE   SONY CORP
65 0 4
Price broke out of a major downward trendline , retested, and has since pushed higher. It broke out again, from a smaller parallel downward trendline , retested, and has pushed up to where we are now. The initial move already happened, so the RR isn't there for me to get in now, but if price bounces off of the 23.5% and rejects, then a move down to the 38.2% looks like a good place to get back in long. We can also see a 5 wave pattern here, with the 4th wave complete. Price should not fall below this level before reaching possibly $37. Lastly, there is an inverse head and shoulders pattern where the retest of the neckline is found at wave 4, which just confirms the bias for a long.
Comment: Expecting a drop from here. Watch for the long entry at 26.50.
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