A Member Request: $MCHI May Be Forming a Bottom

Sorry guys, I bookmarked this request too, then forget about it, like I did the last one. Here are some thoughts on $MCHI.

The correction it’s endured this year looks to me to be in 3 waves, which implies that—at a minimum—this segment of it is complete (or, less conservatively, that the entire correction is over). I would be looking for it to bottom here soon and I would expect at least a relief rally in the direction of the orange target box.


[UPDATE]: Since this has failed to produce a rally as I had expected, I will file this under “Unsuccessful Calls.” I will need to monitor the price action from here prior to making a new call.


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