Elliott wave theory, the stock price has been in a corrective wave since March. The corrective wave is currently in the C wave, which is the third and final wave of the correction. The C wave is often the longest and most volatile wave of the correction, so it is possible that the stock price could continue to fall in the near term.
However, the moving averages suggest that the stock price is nearing the end of the correction. The 50-day moving average is starting to cross above the 200-day moving average, which is bullish. The Relative Strength Index (RSI) is also in the oversold territory, which suggests that the stock is oversold and could be due for a rebound.
Overall, there is a potential for seller exhaustion to occur in the near term. If the stock price does start to rebound, it is possible that the price action could increase exponentially within the next few weeks. However, it is essential to remember that the Elliott wave theory is not an exact science, and there is no guarantee that the stock price will follow this pattern.
However, the moving averages suggest that the stock price is nearing the end of the correction. The 50-day moving average is starting to cross above the 200-day moving average, which is bullish. The Relative Strength Index (RSI) is also in the oversold territory, which suggests that the stock is oversold and could be due for a rebound.
Overall, there is a potential for seller exhaustion to occur in the near term. If the stock price does start to rebound, it is possible that the price action could increase exponentially within the next few weeks. However, it is essential to remember that the Elliott wave theory is not an exact science, and there is no guarantee that the stock price will follow this pattern.