PayChex (PAYX): Uber Long Term Bull!!
SUMMARY
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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!
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Kudos @haejin....very informative and interesting post
finally one coin to have a bull run
Hello,
I request that you remove the malicious flags from all accounts which you control (including ranchorelaxo, starjuno and yourself) from my blog ASAP. There was nothing offensive or abusive within those posts nor of the commenters that posted in the thread. Your downvoting of them was wrong and I look forward to your correcting that mistake.