Ulta Beauty (ULTA) has been correcting into a wave 4 decline. While it can't overlap with wave 1; it still has more decline likely to go.
The subwaves qualify the higher degree of trend labels. The red ABC of wave 4 shows that red B is already or is about to complete. The subsequent wave C down will shock many unsuspecting shareholders.
The MACD looks ready to roll over as well. IF this count is correct, then the red C decline will also have the MACD pull down to the oversold zone.
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