An Update on $FDX

My last post on $FDX was here. In that post, I discussed the longer-term structure and the target that such a structure and count yielded. In this post, I will now zoom in quite a bit. As the market continued to weaken, this stock did not do so. It has stayed right where it was, in a low range.

From the low made on 5/2 which entered the long-term target range for a large-degree wave “2” (the huge orange box below on this chart), it has generated a respectable leading diagonal and has had a 3-wave pullback, followed by another rally. This entire low range looks like a Wyckoff pattern of accumulation. We won’t know that for sure until we rally out of the range, but the count suggests that we could.

So, if we do have a 1-2 of minute (blue) degree complete, and a 1-2 of minuette (orange) degree also complete, we should see a strong rally for the 3rd of the 3rd that should take us in the direction of the orange box above us. Doing so will help to validate this short-term count, the longer-term count linked to above, and my general views on the entire market.

I will begin keeping this count updated on my “Other Counts” page going forward for a while.

FDX


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