There are five waves up, then a kaboom. It seems indisputable that it is entering a correction of primary (pink) degree. This could take a long time and proceed in multiple stages. For comparison, look at the momentum stocks and how long they’ve taken to correct. seven, eight months maybe. I believe those momentum stocks are finishing their primary twos. I think $FDX is just part way through its. Maybe halfway or so.
Now, the expected target is the orange box below. But it may go as low as it wants to, up to and including the COVID crash lows (that deep is unlikely). RSI is confirming this move, so it’s not a bottom yet, imo. It should stop soon, consolidate, then make new lows, with bullish divergence. That will likely lead a bounce of some significance. But then it should grind it’s way lower again. That’s when they will start re-accumulating, and it will be time consuming while they bore everyone back out of the stock.
Then, when everyone has given up, then we start to go to pink 3. If big pink two goes lower than where I’ve guessed it, then big pink 3 will come down a bit, too, these are just initial estimates based on typical fib relationships.
I’ll try to keep an eye on this to anticipate when it may be ready to bounce. Those can be hella fun to play.
[UPDATE]: Though this did fall further toward the target box below, it has since rallied in 5 waves and declined again in only 3. I am cancelling this call. I will need to monitor the price action from here prior to making a new call.
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