Wave Pattern Traders Team
Wave Pattern Traders
Since its inception the stock has pretty much gone vertical, (subject to corrections). The strong upside is supportive of an impulse wave. When you take a look at a weekly time frame, you can actually make out 5 clear waves, which makes it easier for Elliott wave users to define the waves.
I suspect the move we have witnessed from the 2014 low is that of an impulse wave. When we take a detailed look at wave [5], it too appears to have 5 waves, so it could well have ended the whole cycle from the 2014 low.
A strong move back below $95.00 is needed to support a reversal and suggest wave [5] had likely ended, although an impulsive decline in 5 waves below $95.00 would be a good sign to support a reversal.
A move in 3 waves to correct the 5 wave advance from the 2014 low towards $75.00 - 70.00 would be a realistic target.
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