SUMMARY
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Marvel Technologies (MRVL) is showing a recent breakout from a symmetrical triangle labeled as ABCDE (red) sequence. Often, symmetrical triangles represent a point of indecision and price can breakout either upwards or down. However, Elliott Waves show that if the E wave sits on the bottom trendline of the triangle, the propensity of breakout is to the upside. That's pretty much what happened with MRVL.
The breakout was in an impulse mode (blue). However, the final blue wave 5 might not be complete; hence, the reason why it's labeled a bit higher than recent price highs. Regardless, it's likely almost complete. The ABC (red) corrective sequence is also likely retrace towards the top white trendline before resuming the uptrend. This correction too might coincide with the overall market correction that could be approaching or at hand.
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