It's a kind of magic

"FedEx Stock Hits a New Low on China’s Wrongful Delivery Probe" - that's the headline from Market Realist.

It draw my attention and I opened the chart.
At first sight we clearly see the vertical fall in the wave 3, and a number of smaller impulses at the reversal (top of the chart).
A bit confusing unless you draw the trend line, that had been broken.

Absolutely clear structure as marked in a minute.
125 bucks seems to be a fair bargain.

Good luck!