The new high could be a potential important peak, the advance from the 2012 lows now has enough gyrations to make a case for the competition of an impulse wave (5 wave advance). Furthermore the move from the 2016 can also be counted as a 5 wave move as well.

If it stays below 131.25 and we see a strong break under 120.00, then 115.00, it could well see a much larger decline, as the advance from 2016 and 2012 has likely ended. If you own the stock you may want to pay close attention if a strong break under 120.00 – 115.00 is seen.

Tentatively ended the advance from the 2016 lows at 131.25. Further downside is needed to support a reversal.

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