SUMMARY
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Be cautious with Dorman Products Inc. (DORM) which has likely completed a full five wave sequence as shown in blue in the below chart. These five waves can act as subwaves to a higher degree wave 1; that means that the coming correction could be wave 2. As can be seen, the red A wave down is already in progress. However, the C wave is targeting the 0.78 Fib level...why?
Once the red B wave bounce completes, there it could also complete the Right Shoulder (RS) of a H&S Top pattern. That would drive the C wave to be a deeper than expected correction; beyond the prior wave 4 level. The RS and H has alread formed. The white neckline would also need to be decisively breached. Those are the conditions.
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