First, I’d like to look at the long-term daily view for $TGT. The RSI confirmed all the way up, leading me to believe it was a third wave advance. I suspect (but do not know) that it may go to the 3.618 extension before a large correction, just based on the sheer scale of the whole last few years’ structure. Also note that this little pullback has completely reset the RSI making it nearly oversold at these levels on a few occasions. ha. That RSI reset makes me think it has more room to run, so let’s zoom in a bit to see what we see there.
And no surprise, a bull wedge with bullish divergence. This may mean it’s ready to move up again after a month’s correction. Institutions are really marking this one up. It may only make it to the origin of the wedge, and then make one more trip lower, but it may also be done now. If the move out of the wedge looks impulsive, that should give us a clue.
I would like to count five waves up to that 3.618 but since that’s pretty far away still, a better target (lol, sorry) is the 2.618 extension a little ways above us. So, that’s my call on this one. I will monitor the move up to see if I think it will go lower again and try to post an update over the coming weeks.