UNP Short 11/29/23

PhiWaveCapital Updated   
BATS:UNP   Union Pacific Corporation
A decline through 216.92 would suggest the completion of wave (b) of , and see prices move swiftly towards the wave (a) low of 199.33 and potentially lower towards 183.70. Should prices continue higher through the 224.99 high, it would signal that wave (b) is not yet complete.
The violation of 224.99 indicates wave (b) was incomplete. The thrust higher is probably wave of c of (b) and is currently testing the 78.6% retracement of wave (a). An impulsive decline through 220.85 against the wave ((x)) high of 240.48 would be the first step to confirming wave (b) is over and wave (c) of ((y)) has begun.
Should prices continue higher through 240.48, the interpretation would be invalidated.
Under the current interpretation, prices MUST swiftly reverse from the recently printed wave ((5)) of c of (b) high. Since the third wave of an impulse can never be the shortest, we know that wave ((5)) of c is not allowed to travel any further than the recent 234.65 high. A swift reversal through the wave ((4)) of c low of 220.85 will confirm the completion of wave (b), failure to do so will open up other possibilities.
A failure to show confirmation of a clear reversal at several points along with the violation of key levels has led to the failure of the setup. Confirmation is key when initiating trading setups. It is important for the market to commit to you and your interpretation before you commit your capital to her.

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