I last discussed $FDX here, identifying the probable 5-wave advance from the COVID low being complete. Since then it has consolidated in (so far) a 3-wave structure, is at an appropriate fib retracement zone, and has formed a very large bullish wedge. If the markets do become very bullish here, this may rally in a third primary wave whose target is the orange box above.
But, as with all such potentials, it’s only that. If we continue to see market weakness, and this does not break up, this wedge may either fail, or if it starts to rally, but then fails to get followthrough, it may enter a range or create a new structure. But, at this place, there is a good risk/reward because of the fib we’re at. That orange box gives us a good place for a stop. Below that calls this count into question.
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