The new high can be counted as a possible 5th wave of an impulse wave ( 5 wave advance) that started from the Dec 2018 low. A strong move below $50.00, as well as an impulsive decline, is needed to support a reversal and further weakness to lock in a peak for wave 5.

Looking at the larger time frame, the new high and completion of the more from the Dec 2018 low, could also be the end to a larger impulse wave that started from the 2016 low. A decline in 3 waves towards $35.00 – 30.00 is a good target to end a correction to the advance from the 2016 low.

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