Redt Hat (RHT): Cup & Handle Pattern Shows that Handle Formation is Next

SUMMARY

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This weekly chart of Red Hat is almost screaming the Cup & Handle pattern potential (blue lines). Remember that this pattern is composed of a rounded price formation and a bull flag. I believe the rounded price formation is nearly complete. When adding the Elliott Waves, white wave 3 is in the process of peaking and likely wave 4 will coincide with the handle formation.

When entering the subwave labels, white wave 1 and 2 and most of 3 are well qualified. The subwaves of white wave 3 (purple) show that it has purple waves 4 and 5 still likely to go. Once white wave 3 is placed, the handle could take the ABCDE sequence because per the rule of alternation, since white wave 2 was simple, white 4 would be more compex. So, would you be an aggressive buyer or a profit taker at this point?

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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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