Just wanted to share my medium- and longer-term road map for MSFT. This is the count my other charts ("Looking for a bounce", "Looking for a drop") are based on.
Starting with the monthly (top left), MSFT in a very long term gray channel. It previously cut through the 2009 low, but price action since then has "bumped" the channel up and to the right. Zooming in to the weekly (top right), price movement since 2009 is contained in the purple channel, and the primary degree waves are labelled.
Zooming in to the daily (bottom), a close-up of my road map for primary 4 and 5. I'm expecting wave 4 to reach the 0.382 retrace around $80, but of course it's possible that it may extend further. The current wave (A) is on-target to reach $90-92, then estimating a fairly typical 50% retrace for (B) up to $100-102, then a 100% extension for (C) would bring it to the target near $78-80.
Corrective waves -- especially wave 4 -- are treacherous and unpredictable. So any part of this structure could throw us a curveball. But until then, this is the plan I'm following.
STRATEGY: Neutral. I'm long MSFT shares from pre-2010, and not planning to sell until either the Wave (B) rally or maybe wait until Primary 5. In the meantime I'm collecting dividends, and playing the downside with protective puts. Happy Trading!
Starting with the monthly (top left), MSFT in a very long term gray channel. It previously cut through the 2009 low, but price action since then has "bumped" the channel up and to the right. Zooming in to the weekly (top right), price movement since 2009 is contained in the purple channel, and the primary degree waves are labelled.
Zooming in to the daily (bottom), a close-up of my road map for primary 4 and 5. I'm expecting wave 4 to reach the 0.382 retrace around $80, but of course it's possible that it may extend further. The current wave (A) is on-target to reach $90-92, then estimating a fairly typical 50% retrace for (B) up to $100-102, then a 100% extension for (C) would bring it to the target near $78-80.
Corrective waves -- especially wave 4 -- are treacherous and unpredictable. So any part of this structure could throw us a curveball. But until then, this is the plan I'm following.
STRATEGY: Neutral. I'm long MSFT shares from pre-2010, and not planning to sell until either the Wave (B) rally or maybe wait until Primary 5. In the meantime I'm collecting dividends, and playing the downside with protective puts. Happy Trading!
