$ADUS might be looking for more downside

8 May 2022

The stock made a nice 5 wave move to the downside in a Diagonal structure a quick counter trend move for a B or 2, followed by a 5 wave move of a lesser degree again to the downside completed with a 3 wave move to the upside on the same degree. I think there's more downside coming all the way to those 127.8-161.9 Fib Extension Levels. Price made a nice 5 wave move to the upside on the primary degree, we could consider that a Wave 1, right now a believe we are correcting all the previous move and usually Wave 2 has the deepest correction, however, this could be a zig-zag finishing between 127.8-161.8 Fib Extension or it could be a 5 wave move to the downside for and A followed by a B and then 5 waves more to the downside to complete it thus bringing price closer to that 61.8 Fib correction. Time will tell.