Clorox (CLX): MACD Oversold Status Needs Relief

in money •  6 months ago

SUMMARY

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Clorox Corp. (CLX) had been showing signs of wave 3 topping since 2017 with the overlapping price swings which could continue; but not required. It's likely that blue 3 is finished and blue 4 is in progress. Some have thought that blue 3 is actually blue 5 but I believe that wave is yet to come; as shown in the below chart.

The MACD is clearly oversold and will like needs some relief (blue circle). The red B wave bounce is also a bit overdue and the MACD rise should coincide. Blue wave 4 shouldn't decline deeper than 38% or so of blue wave 3, or else it risks and overlap with blue wave 1 and that's against EW rules. The subwaves of blue 3 also qualify the confidence of the current count. Blue wave 5 should take price to never seen before heights.

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