$DLTR‘s correction counts very well as an A-B-C zigzag, with orange C taking the form of an ending diagonal. It has retraced enough to be complete in its entirety, but even if it is not, it should experience a relief rally now. This is the conservative view (the aggressive view is to assume that it is complete and that we will impulse up from here). In either case, the initial moves up will be at first difficult to distinguish (that is, to distinguish between the aggressive and the conservative views). For now, let us stick with the conservative view.
We should expect a 3-wave move up, first targeting the lower of the two orange boxes above us, then we should have a pullback, then another rally taking us to the upper orange box.
At that point, we will reexamine the stock to assess whether we think the low we just put in will be revisited or not.
[UPDATE]: Since it has all but reached both target ranges in one bite, I will file this under “Successful Calls.”
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