$CMCSA in Intermediate Wave 4 on My Count

While I believe the broader S&P is probably only in a minor 4th wave, $CMCSA is more likely in its 4th intermediate wave. I called for this somewhat bullish count back in February on Twitter and presented a simple technical reason for why (there is an important wave overlap that I had seen at the time). From here, this is what I think: we seem to have a clear 5 waves down off the high, and the divergence suggests that move is probably over. I would expect a counter-rally, followed by a second 5-wave decline. It should stay in the neighborhood of the orange box. Once that correction is complete, it should then rally to its 5th intermediate wave top.

Estimating that is very difficult, and I find generating targets for final waves to be a dangerous business. I prefer instead to simply try to count five waves up. So, we will see how this one goes. My basic call is this: a continuation of the correction for a few more weeks, followed by a five wave advance that takes out the prior high.