SUMMARY
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This weekly chart of Red Hat is almost screaming the Cup & Handle pattern potential (blue lines). Remember that this pattern is composed of a rounded price formation and a bull flag. I believe the rounded price formation is nearly complete. When adding the Elliott Waves, white wave 3 is in the process of peaking and likely wave 4 will coincide with the handle formation.
When entering the subwave labels, white wave 1 and 2 and most of 3 are well qualified. The subwaves of white wave 3 (purple) show that it has purple waves 4 and 5 still likely to go. Once white wave 3 is placed, the handle could take the ABCDE sequence because per the rule of alternation, since white wave 2 was simple, white 4 would be more compex. So, would you be an aggressive buyer or a profit taker at this point?
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?
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