General Dynamics Corp. (GD): A Cyclical Wave 3 Top

SUMMARY

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The weekly chart below of General Dynamics Corp. (GD) shows that price is nearing or have already placed a cyclical degree of trened wave 3 (red circle). As you might have noticed, many equity charts are either already in corrective mode or are entering into it. It's certainly not a crash scenario, but wave 4 corrections at cycle degree usually coincide with stagflation.

The subwaves of blue 3 show that it's pretty complete (white). White wave 2 was a symmetrical triangle and white 4 alternated to a simple abc type. The blue wave 4 could take the complex correction route given that blue 2 was simple. Equities abide much better to this rule of alternation between waves 2 and 4 than Cryptos.

The ABC for blue 4 should hit the first cluster of support and that about represents 0.38 Fib level. The MACD can be expected rise for the B wave bounced. The red C decline could catch many by surprise. When is the best time to buy? Terminal end of corrections. Are at the terminal end or beginning?

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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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