MONACO (MCO) Update: Needs to break the resistance line

The abc (red) correction has run its course. It hit a lower low but still the price is under the resistance line (black line). I've tentatively labled waves i and ii but to achieve wave iii, prices need to be above $10.43 as this will then make way for waves iv and v.

Some might ask if there is a Head & Shoulders Top Bearish pattern. As of now, I wouldn't call it that as symmetry is key. If the two halves of the pattern look very different, then usually I ignore it and that's the case now. However, if prices rise and fall as drawn out in black, that would then give good symmetry and the H&S Top would be valid. But, not yet and thus it's not being considered as primary.

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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.