Quick money... Fibonacci and Elliott Wave Theory (ETW) suggest Wave 3 will commence Monday with a rapid acceleration. This is likely based on positive Earning Reports (ER) from late April. Following the ER release, investors too advantage of existing gains resulting in a collapse in price to the typical retracement area of (.618 Fibonacci - Wave 2's retracement of Wave 1) on the daily chart.
Measurements suggest a rapid acceleration to $4.99. This will be a result from investors seeing both value at a discounted price and positive earnings indicating the company had performed admirable over the last quarter.
Additionally, ETW guidelines suggest that a correction is not complete until it hits enters into the area of the Wave 4 of the previous 5 Wave Cycle... This area is well above the $5.00. The weekly Charts suggest 5.15 target by end of the month and month Chart suggest a continued increase of the asset.
Stop Loss: $3.85 (5%) // 1:4 Risk/Reward Ratio
Happy Trading ...
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