There could be a short term opportunity for aggressive traders if buyers support this stock around $45.60 – 44.00. From the Jun 2016 lows it could be involved in an impulse wave, so the current decline is a 4th wave pullback, a common target is the previous 4th wave of one lesser degree which would be around $45.60.
Technically speaking its valid if any decline remains above 36.79 as until that happens wave 4 does not overlap with the top of wave 1. But from a “look” perspective I would like to see hold above $42.00 if further weakness is going to be seen, ideally it finds support in the red zoned area to target new highs for wave 5 towards $52.00.
There is not much to work with on the weekly chart, but if we did see a 5 wave advance from the Jun 2016 lows, a 3 wave pullback thereafter would be a buying opportunity.
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