PPL Corp. (PPL): Does this Look Bullish or Bearish?
SUMMARY
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PPL Corporation (PPL) has been in a corrective mode since 2007 and is about 2/3 complete! The rise it had been having since then is only a countertrend bounce. The purple channel is also spelling out a very scary looking bear flag. What's even more scary is that price has pierced through the bottom purple line decisively! Watch out!
The red ABC sequence still has the C down remaining and it'll be in an impulse sequence. Blue waves 1 and 2 are complete and so the 3 is still in progress and could decline even more as wave 3s move most violently. The red C can be followed to zone in on the terminal end of this multi-year corection. Why? Terminal ends of corrections usually represent the best buying opportunities.
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