SUMMARY
Take a look at this chart of Heico Corp (HEI). The weekly chart shows an Elliott Wave impulse that has high probability of being complete soon, if not already. What happens after the 5th wave completes? There is a requisite correction and it usually retraces to the prior wave 4.
The MACD is all time overbought. Price is floating at all time high levels. Wave 5 is extended. The red ABC waves project to prior wave 4 and that's a bit past the 0.618 Fib zone. IF the wave 5 extendes even further, the likelihood of red wave C to retrace to prior wave 2 and if so, that could be scary.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
