Note: For anyone who missed the BitcoinLive Information Webinar, here is the replay link: https://www.youtube.com/watch?v=32l40SNYOp4
As of June 4, ALL Crypto Analysis will be posted on the BitcoinLive channel and Steemit will be dedicated for Equity, Commodity and Options Analysis. To Signup for the BitcoinLive limited Founding Membership slots, use this link: https://get.bitcoin.live/haejin/
Eversince Paychex (PAYX) broke out of the symmetrical triangle (white lines), it has been impulsing upwards within a well defined channel (blue lines). Now, the blue wave 5 is a bit tentative because yes, price can reach for the upper blue trendline again. So, while it's probably not the time to be buying with open arms, taking some off the table never hurts. IF the impulse count is correct, then a requisite correction is to be expected.
The red ABC is drawn and could breach the lower bottom blue trendline. That is how an impulse ends because the rising channel is in effect a bear flag. Why is it a bear flag? This is because the buyer population is declining as price rises higher and higher. The MACD is a bit oversold, so a bounce is due and likely to correlate with red B wave.
On the bigger picture, PAYX is quite bullish looking. The primary white waves 1 and 2 are complete and white 3 is just about starting. In effect, subwave 1 of white 3 is nearing completiong and the ABC would complete the subwave 2 of white 3. On a longer term perspective, PAYX is very bullish!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
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?