Ok, so for those trading, or just trying to pick the price to reduce their risk, this is the tricky bit where we have to make an educated guess about what is going on.
The way I am reading this ATM is that we completed our first impulse (5 wave) sequence peaking at 481, so we hit the first target of 476. That now looks to me like we have done a full retrace to the target of 470 which is around the top of the first wave. We could now be starting a second impulse wave or at least a 3 step correction wave with (hoepfully) a higher target than before, but at least the 392+ targets should still be in play.
Alternatively we have just completed wave 4 retrace, but wave 3 went significantly higher than originally expected and we are now running for a wave 5 completion. Either wy I think we are looking at 492+. I'll have a better idea soon when we get the first flag on this last wave. If it pulls back to 23% of the rise it is probably a wave 5 completion in progress (with anothe 2 peaks) and if it pulls back to 60%+ it is most likely a new impulse wave, BUT watch for a double top to form at 481 as that indicates it will fall away this afternoon.
PLS Price at posting:
$4.77 Sentiment: Buy Disclosure: Held
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