The recent weakness from the April 2017 high I think suggests a large 4th wave correction is underway. The move into the all time highs counts well enough as the end to wave 3 of an impulse wave, a correction in 3 waves for wave 4 is now favored to around 150.00 – 140.00 (I will be able to hone it down after I see more price action). I am looking for a pullback to be of similar size in time and price to the wave 2 pullback.
If you overlay this stock with the SPX you should see a tight correlation, seeing as I am expecting a decent pullback on the SPX soon, it should favor further downside on this stock.
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