Cactus Inc. (WHD): Correction to Prior Wave 4

SUMMARY

Note: For anyone who missed the BitcoinLive Information Webinar, here is the replay link:

As of June 4, ALL Crypto Analysis will be posted on the BitcoinLive channel and Steemit will be dedicated for Equity, Commodity and Options Analysis. To Signup for the BitcoinLive limited Founding Membership slots, use this link: https://get.bitcoin.live/haejin/

Usually, prior wave 4 coincides with either 0.38 or 0.618 Fib level zones. Once five waves are complete, it's important to remember that those same five waves are subwaves to a higher degree of trend wave 1. So, that means the requisite correction is also a wave 2 and wave 2 can reach all the way to 1; as long as it doesn't go lower than the origin of wave 1. To that end, the below chart of Cactus Inc. (WHD) shows that five waves are complete (red circle). Also, the correction has already started and can decline towards the prior wave 4 or the 0.618 FIb zone.

The red ABC correction are the subwaves of a higher degree of trend wave 2 and could reach towards not only the priro wave 4 bue to the 0.78 or 0.88 Fib levels. Wave 2 can retrace as much as 99.99% of wave 1 and still be valid. However, I usually don't let it go that far before considering an alternate count. The MACD should turn up soon to enable the red wave B bounce.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?