I have not looked at $CHGG before, and this does not have a super long history, so I have to take a stab at this given only one primary advance. Here are a few thoughts I have on it for now:
- The only full 5-wave structure I see from the 2016 low is through June of 2018. After that, the price action begins to look “corrective,” despite its continuation to new highs.
- That may mean it is in an expanded flat for 2.
- If so, I would expect it to be in a 5-wave move for intermediate (orange) c, which does not yet look complete to me. The huge gap and go makes me think it’s in the 3rd of the 3rd down.
- I would expect that move to finish either in the orange box (50-61.8% retracement) or possibly at the orange line (the 78.6% retracement).
- Now, for all we know, when it finishes that 5-wave move, that may only be wave 1 of the 5-wave move. It’s too early to tell.
- Nevertheless, I expect the selling to continue for some time, given the look of this structure. Of course it may have some strong bounces between here and there, but generally I would not expect the trend to reverse too quickly.
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