CC, DFS, M updates 05/30

CC: This ticker counts best as being either already in major-5 to around $70 based on a standard Bull flag (white lines). A break below $45 would mean major-4 is still on going. A move over $55 will seal the deal for the Bulls. So far the breakout looks good, but needs to hold.

CC

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DFS: The whole move up to blue “I/A” counts as a nice 5-waves up pattern, followed by good looking wave-II/B retrace. The advance off that low is however less than ideal. Although price is trending higher and holding the lower trend-line, which means the trend is up, the advance since II/B is overlapping and may suggest the A/B/C count is operable and not the I,II count. Watch the trend-line because if price closes below it, then the uptrend -regardless of how choppy it is- is over and $57 is then next as that was prior support.

DFS

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M: The whole advance from the IPO in 1992 up to the 2007 high counts well as 5-waves up on all time frames. Note the “low” would be a blue Primary II and the actual IPO-day Primary I. Thus, then the question is if 2007 was Cycle-1 or Cycle-3 and if the low made in late-2008 was Cycle-2 or Cycle-4, with the ATH made in 2015 being Cycle-5 of Super Cycle-1.  I simple can’t say and we need many years more of data to be able to finally know. Thus we simple have to -and as usual- play it by “if/then”. The Blue lines project a new Impulse up for Primary III of Cycle-3, whereas the purple line projects Cycle-B and C of Super Cycle 2. Regardless, for now I am looking higher for M to around low to mid-40s, then a retrace for either a 2nd wave or b-wave to about $28 (that level has been resistance during the late-90s and early 2000s), and that wave 3 to new ATHs or wave-c of Cycle-B to max $52 (the purple box is the ideal Cycle wave-B target zone).

Since I don’t want to, nor can, look that far ahead, lets stick for now with the shorter term (next few weeks to months) where I anticipate M to move higher and then lower. That should suffice for now, while keeping the very big picture into mind.

M MONTHLY