The move from the 2016 lows can now be counted as the end to an impulse wave (5 wave advance) although to be fair, there is a way to label the move as the end to wave 3 (idea in blue). Having said that both ideas are supporting a setup for a potential move lower. Even if the current labeling is wrong, the alt idea in blue favors a pullback towards 1800.00 before further upside, so I dont think now is the time to be going “all in” on the buy side.
If anything wait for a move lower to around 1800.00 and see if any downside is in 3 or 7 waves, that would support the alt labeling. If you own this stock, you may want to consider taking profits and locking in some of the gains.
Alt idea (end to wave 3)
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