I highlighted this stock early in Jan 2017 as a potential setup to buy after it completed a 5 wave advance. Fast forward and not only has it put in a 5 wave advance from the Jan 2017 lows, it has also pulled back like we wanted, however I would like to see a bit more downside towards 8.00 – 9.50 and a 7 swing decline from the Jan 2017 lows, that would offer a potential bullish setup.
The key to this bullish setup is seeing a 7 swing move as we can label that as a double zigzag. Anything other than that, or if the next decline sees a move under 8.00 would potentially argue for an alternative idea that I am tracking that could suggest new lows again under 6.50. Although for now I am favoring this double zigzag idea for wave 2.
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