Elliott Wave Forecast Team
ElliottWave-Forecast.com
Whilst it's above $238.65 the trend can continue to push a bit higher to end wave [5] of a large impulse wave (5 wave advance) from the Dec 2018 low. A similar pattern is also developing on Visa (V). The move from the Dec low is important as the completion of a 5 wave decline could end a much larger impulse wave (5 wave advance) from the all-time low made back in 2006.
An impulsive decline below $238.00 - 235.00 would be the first sign to potentially argue the upside for wave [5] had ended. The large RSI divergence on the monthly is also supportive that the current rally from the Dec low is likely a 5th wave of an impulse wave that started from the 2006 low.
Note:
The clear patterns on many stocks from the Dec 2018 low can also provide clues to the INDU and SPX.
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