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Here is Union Pacific's (UNP) weekly chart showing that a five wave impulse rise is either complete already or will be very soon! The red halo event means that a major correction is likely to occur. By this chart, would you be a buyer or a profit taker?
The corrective decline could be 55% or so since the C wave usually retraces to the prior wave 4. Still, the first white five are subwaves to a higher degree of trend 1 and the ABC subwaves to a higher degree wave 2. This means that the retracement could exceed 0.618 Fib level.
The MACD is expected to decline; thought it can first rise abit more if price puts in an incremental higher high prior to turning down.
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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?