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.
Do you have a stock that you want evaluating? Purchase a consultation call and get an independent review through the lens of Elliott Wave. With the US stock markets vibrating around the previous all-time highs, it may be prudent to think about protecting any gains you have.
Click here to purchase a consultation call CLICK HERE
Click here to purchase a Elliott Wave report CLICK HERE
Note: If you are a member, you can email me or send a tweet for an update if you are thinking about trading this stock.