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Moody's Corp (MCO) is undergoing the red halo event, as can be seen in the below chart. The blue impulse wave sequence is likely complete and even if it makes an incremental higher high, the terminal end status is most likely. While the shorter degree of trend looks toppy, the larger time frame doesn't; as the next chart shows.
The white wave 3 harbors the blue wave sequence. In effect, wave 3 is getting completed and getting ready for white wave 4. The ABC red sequence for white 4 could change to a more complex sequence but either way, the retrace likel won't be very deep.
The MACD remains in the oversold zone. It will probably decline further to support the red A wave down and then the C after a B wave bounce. As long as white 4 doesn't overlap with white 1; the white impulse sequence remains solid.
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Elliott Wave Counting Tutorial #1
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