Dominion Energy (D): Wave 4 Correction Could be a Complex Sequence

SUMMARY

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Dominion Energy (D) has likely already started its white wave correcton as shown in the below chart. it's impulse sequence shows that 1,2,3 completed and wave 4 is about 1/3 complete. How can D decline while the DOW hits an all time new high? This is actually quite common as many components decline while the index rises by influence of a handful of stars.

Still, as the MACD shows a very oversold state, a price bounce is expected and it could be significant from a percentage basis. While currently labeled as an ABC, one has to understand that stocks are more faithful to the rule of alternation between waves 2 and 4. Since white wave 2 was a simple ABC, there is good chance that white wave 4 can become a complex sequence.

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