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If mutual funds return 3-8% per year; gaining 5.5% in a bit over a month isn't too shabby! For microsoft, the below chart with marked Elliott Waves was posted on April 22nd. While the long term forecast remains the same, today's analysis will focus on the purple waves.
This chart contains on the subwaves of blue 3. These purple waves show that 3 has gone nearly vertical. Is this sustainable? There's gotta be a correction such that purple 4 will likely take place. Would it be a crash scenario? No, just a healthy correction.
Pattern shows a potential for an upward pointing wedge(white lines). This wedge is often a topping process component. Price is likely to roll over into the wave 4 correction which is likey to retrace 0.38 Fib level of the purple 3 length.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?