STMP is consolidating in a WXY retracement right now after it's first impulse wave up. It has completed the first ABC correction (expanded flat), the second ABC correction (regular flat), and is now working on its third ABC correction, wave structure yet to be confirmed. As it stands, if the last ABC wave has a double top at $92.45, it will likely retrace anywhere between the 0.618 and 1.236 fib extension of Wave AB, as shown by the yellow trend line and target box, completing a regular flat on the last ABC correction of the larger WXY. If wave B of the last ABC correction were to continue retracing to 1.236 of wave A (following the green trend line up to $96.99), it will then likely retrace anywhere between 1.236 and 1.618 fib extension of Wave AB, as shown by the green trend line and target box, completing an expanded flat on the last ABC correction of the larger WXY. Whether the last ABC finishes as a regular flat or expanded flat, I see that there is money to be made - waiting to see if wave B retraces any higher than the start of wave A.
I am by no means an expert - share your thoughts.
Stay tuned. Happy trading.
I am by no means an expert - share your thoughts.
Stay tuned. Happy trading.