Here is my best guess at a path for Micron (MU) between now and the close on 3/22.
It appears we have completed wave 3 of a large 5 wave impulse pattern.
Within this Wave 3, MU has completed 5 sub-waves and now appears to be working on the ABC correction.
Wave A is in, B was recently completed, and now we are attempting wave C which will be 5 smaller waves down back to the larger trend line.
Of this Wave C down, we appear to have put in Waves 1 and 2. In fact wave 2 made a near perfect 61.8% retracement at this moment.
The target for the Fibonacci extension of wave 1 puts wave 3 of this C wave ending at near $56.5 for a 1:1.618 extension.
MU would then retrace with wave 4 to previous level of support that would now be resistance around $58.25 before the final push down to $55 for the touch to the trend line on about the close of 3/22.
Conveniently, this would yield a C wave that is a perfect 1:1 extension of wave A.
Of course, with all this looking so textbook, something is bound to go wrong.
It appears we have completed wave 3 of a large 5 wave impulse pattern.
Within this Wave 3, MU has completed 5 sub-waves and now appears to be working on the ABC correction.
Wave A is in, B was recently completed, and now we are attempting wave C which will be 5 smaller waves down back to the larger trend line.
Of this Wave C down, we appear to have put in Waves 1 and 2. In fact wave 2 made a near perfect 61.8% retracement at this moment.
The target for the Fibonacci extension of wave 1 puts wave 3 of this C wave ending at near $56.5 for a 1:1.618 extension.
MU would then retrace with wave 4 to previous level of support that would now be resistance around $58.25 before the final push down to $55 for the touch to the trend line on about the close of 3/22.
Conveniently, this would yield a C wave that is a perfect 1:1 extension of wave A.
Of course, with all this looking so textbook, something is bound to go wrong.
Trade closed: target reached
Well, hit the target of $55 the morning of 3/23/2018. Wave B extended a little further than planned, but did not change the overall plan. Hope this was helpful to you.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.