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Since 2002; Salesforce.com (CRM) has delivered 7,220% in profits to its shareholders; an amazing return! However, take a look at the weekly chart below and ask as to whether now is the time to be putting new money into CRM? The full impulse set is about complete as shown by the white waves. All waves are complete except for maybe 5 and it could already be complete! What happens after five waves are in? There is a requisite correction. Again, is this the time to be buying or taking some major profits?
The subwves for white wave 3 qualifies and that's significant because since 3 is the most extended, it shows that what follows will likely be 4 and 5. The subwaves of white 5 have also been marked (purple). It's either already complete or purple wave 5 has a bit more to go. Would it be worth waiting for the final crumbs? The red ABC also shows a potential for a 0.618 Fib level retracement. Last but as important, the MACD is quite overbought and the red arrow traces out the potential correction that's fast approaching. This could signal a recession because during an economic downturn, there will be less companies using salesforce.com services.
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
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