Last Wednesday CLVS went up more than 25%. It looked like we made a bottom and were now in a new uptrend, but over the past 3 days we are almost back to where we started. That doesn't by itself nullify the uptrend, but one must always be aware of other patterns and EW counts.
This is a possibility shown, where we are forming a triangle. The internal structure of the wave up on Wednesday are not a clear 5 waves and look more like a zigzag. So that may have been a c wave of triangle, and we are in a d wave about to start the e wave. If that is the case, there will be an impulse out of the triangle where we can go as low as 6s.
I am currently long and on the next bounce I will see how how high we can get. If we face resistance at the trendline of A-B I will set a SL and protect whatever profit I have and anticipate a C leg out of the triangle and down to as low as 6 where I will again look to go long. I will set the SL pretty big, so that if this is a 3rd wave I don't miss out.
This is a possibility shown, where we are forming a triangle. The internal structure of the wave up on Wednesday are not a clear 5 waves and look more like a zigzag. So that may have been a c wave of triangle, and we are in a d wave about to start the e wave. If that is the case, there will be an impulse out of the triangle where we can go as low as 6s.
I am currently long and on the next bounce I will see how how high we can get. If we face resistance at the trendline of A-B I will set a SL and protect whatever profit I have and anticipate a C leg out of the triangle and down to as low as 6 where I will again look to go long. I will set the SL pretty big, so that if this is a 3rd wave I don't miss out.
