We can now count a very nice 5 waves move up from the Dec 2022 low. While there is currently no sign that price has topped, it has hit a major monthly resistance level at around $26.50. Confirmation that a correction has begun would occur when price breaks below the ascending trend line.
Should a correction take place in the coming months, price should at least retest previous support at $13.83 and potentially the $10.27 level which is around the 0.618 retracement level of the 5 waves up
Should a correction take place in the coming months, price should at least retest previous support at $13.83 and potentially the $10.27 level which is around the 0.618 retracement level of the 5 waves up
Comment:
The 15% drop on earnings could be what really gets this correction started