Today's close green indicates to me that we're starting a strong Elliot wave 3. Current price is still well below June lows, so I think there is potential for some significant upside. I'd say at least $28-$29 in the near term. I would expect a wave 5 to surpass the June highs of ~$31.5.
The bottom of the wave 2 also bounced off key .68 Fibonacci retracement...
Been on a clear upwards trend over the past 8-10 months. Posted big gains on Friday, looking for a breakout from the wedge on Monday. This stock frequently repeats big single day gains. Potential to break out into the $24 range next week.
Curious on other peoples thoughts.
It appears JWN has completed an elliot wave cycle from November 1 - December 7. As such, I have reduced my position significantly in the stock.
I will look for a reentry point around $26 per share.
I've been long on M for a few months and have done very well with this stock. Recently cut position, as I am expecting a pullback after the completion of this 5 wave. Might have a little more gas, but I expect M to drop any day now. I will likely reenter around the $9.50 range.
Sector rotation out of tech and into laggards started on Aug. 4/6, and beginning of Macy's uptrend. After a very strong week, we've seen some pullback yesterday and today. However, there was a bounce at ~$6.80 a share today at the 50% Fibonacci retracement level. I expect this to continue to rise over the next few days and weeks into the $9-$10 range retesting the...
