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.

ElliotWave

ElliotWave

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.

The content of this article is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the article. The information expressed within the article is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Readers are strongly urged to consult an investment consultant before making any financial decisions or investments.

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