Price has delivered an impulse up on daily, and at the moment is forming a flat pattern. Most likely, this is going to be an expanded flat, in order to tag 62% retracement against the impulse. In this case wave ((c)) of this assumed corrective pattern will equal 162% of the wave ((a)).
Target price - around $40 per stock
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we may also get a running flat, where wave ((c)) would equal wave ((a)). If so, then the current price is close to the completion of the pattern.
I would wait for 2 options:
- base case: retracement to 40 - if price makes a move up, I will take the long after a proper correction after the new impulse