I was looking at the daily chart this morning, and trying correlate the wave pattern with my monthly. I insinuated in the monthly chart that the pattern has not yet completed; yet, on the daily it appears to be close.
So I am presenting an an adjusted account that assumes we have, or are close to completing 5 waves down which completes Wave A. I's still treating this entire Wave A pattern as a leading diagonal. This allows Wave 4 to overlap into Wave 1 territory.
On the daily we have pretty nice channeling. I can draw a trendline from Wave 1 to Wave 3 to intersect the completion of Wave 5. And Wave 2 and 4 make a good trendline (though Wave 2 overshot the mark).
If I zoom into the last leg of the move - from Wave 4 to Wave 5, the price seems to be ending in a diagonal, again allowing wave 4 to enter wave 1s price territory.
How can we be sure? Well we would be looking for a bottom right about here. It might be sluggish for a couple of weeks yet, but we would be then looking for a broader abc zig zag up to complete Wave B. This sounds like a simple pattern but they can get complex - the overarching personality though is of further upside until Wave B completes.
If we overshoot the channel line to $55 ish and move back into it, I'd take this as a bullish sign IMO.
Please do your own research before entering a trade, but this gives an alternative count that is more bullish in the short term than I originally suggested. GLTAH
RHC Price at posting:
$56.66 Sentiment: None Disclosure: Not Held
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