Member Request: A Look at $CHGG

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:

  1. 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.
  2. That may mean it is in an expanded flat for 2.
  3. 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.
  4. 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).
  5. 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.
  6. 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.