We have a descending wedge in MCO demonstrating a preference for a $2.00 coin. I personally think we'll see strong support at the 3.50-3.75 region, but question whether it will hold. Poor CDC did nothing wrong and has fallen victim to the criminal actions of a traditional financial institution. On the bright side, we can upgrade our MCO Visa cards on the cheap. You're crazy if you think I won't. I want that sweet, sweet airport VIP lounge access that I probably won't use until 2023. THANKS RONA
Order cancelled:
Ope, I was wrong
Comment:
I'm still very new to this, but have noticed that price action doesn't have to follow these wedges perfectly and can appear to escape them for extended periods only to eventually return to exactly where the descending triangle was telling it to go. The wedge is still in play, and I find it interesting how price is following the fib descending line so well. I didn't think that would happen. I may have cancelled this call too early. It looks like we could still see a $3 or even $2 MCO.
Comment:
So far we have broken that $3 level and bottomed at 2.60ish. The real surprise is that MCO is still being held by anybody at this point. Of course MCO will hit $2 now, because it's going to 0.