It's been a while but looks like it's getting ready for a move higher now.
But, if this updated count is to be correct, we will see only one push higher before seeing it pullback again, since it seems we got a Triangle here.
For those among you who are not familiar with the Elliott Wave Theory, know that Triangle corrections occur in the position prior to the final actionnary wave in the pattern of one larger degree. Meaning, we will see a wave C higher and then correct most of, if not all, of this ABC rise.
Note that wave C often is equal to 61.8%, 100% or 161.8% of wave A.
This gives potential targets at 55$, 65$ and 85$.
I don't think the 55$ a big hurdle to overcome, we have to primarly focus on the 65$ which is also the all time high for this stock.
Comment
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There are 2 levels where you could place your Stop 42.14 or 39.78
42.14 is at risk being taken out in case wave (E) is not yet over and we see a drop to 40.40/42.80 to finish the alternate wave (E).
39.78 Is simply the invalidation level for this Triangle since wave (E) shouldn't not exceed wave (C) low.
Of course you could wait for a break out and use the daily low as Stop or what ever fits your style.
Interesting, I'm confident to see the price breaking the channel and go bullish! :) well done
TheSignalyst
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Fantastic view, and most importantly a clean chart. Now waiting for a break above the trendline right?
ElliottWaveBelgium
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@TheSignalyst, Thank you!
Best would be a break above orange resistance zone at 48.50 but personnaly I already bought in now with a tight stop at 44.06 (IBKR data).
If I get stopped out, will get back in on a break above resistance.