Cactus Inc. (WHD): Correction to Prior Wave 4

SUMMARY

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Usually, prior wave 4 coincides with either 0.38 or 0.618 Fib level zones. Once five waves are complete, it's important to remember that those same five waves are subwaves to a higher degree of trend wave 1. So, that means the requisite correction is also a wave 2 and wave 2 can reach all the way to 1; as long as it doesn't go lower than the origin of wave 1. To that end, the below chart of Cactus Inc. (WHD) shows that five waves are complete (red circle). Also, the correction has already started and can decline towards the prior wave 4 or the 0.618 FIb zone.

The red ABC correction are the subwaves of a higher degree of trend wave 2 and could reach towards not only the priro wave 4 bue to the 0.78 or 0.88 Fib levels. Wave 2 can retrace as much as 99.99% of wave 1 and still be valid. However, I usually don't let it go that far before considering an alternate count. The MACD should turn up soon to enable the red wave B bounce.

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