SUMMARY
This chart of Rockwell Collin (COL) at first site might seem scary but fear can often be dispelled by awareness. So, let's tackle the red halo event first. Yes, there is an impulse of five waves that will complete and there is a scenario that it could already be complete. Once five waves are in, Elliott Waves states that there is a requisite correction.
I'm going with the likelihood that there is one more higher high left for COL, as shown by the blue subwaves. And this means that white 5 is a bit more to go before initiating the ABC sequence of correction. Is this correction worth sitting through? What do you think?
From a bigger perspective or degree of trend, the yellow waves show that the coming ABC jives well as a yellow wave 4 correction. Since it'll be a multiyear correction; taking profits might not be a bad idea.
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