LT is in a Corrective Phase, following the completion of the Motive Structure. The phase is confirmed by the fact that it is contained within parallel lines. You can expect the correction to continue further. This analysis is based on Elliot Wave Analysis. This sort of corrective structure is not just in this stock, but almost every stock that has run up impulsively in this bullish trend.
**This analysis is for educational purposes only. You may choose to plan your trade based on the current phase that is forming.**
Hi.. Thanks for view. Now that the stock has broken the parallel channel and is trading below the parallel channel. What is the next target for this stock?
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@actualFish1207, If the price moves back into the channel and heads higher, then we'll need to assess the structure further. For the moment based on current behavior, if the stock's price continues to move down, then we can expect some support to come in at the sideways support zone (roughly between 1330 and 1400). It could take support at the POC of this region which comes near the 1355 level.