RACE: Ferrari

Monthly chart: Big picture wise, RACE clearly made five waves up into its 2018 high to complete Primary I, and price is now forming a wave-II, which as usual consists of 3 smaller waves; a, b, c. Wave-b is now ideally under way to around $125ish, which is the 23.6% retrace as well as where the 200d SMA resides (see daily chart below). Once wave-II completes, wave-III will take price to new ATHs and beyond 🙂 “Gentlemen start your engines”, but not just yet… so let’s say: warm up your engines 😉

RACE: monthly chart

Daily chart: lots of detail, but you can see how there are clear 5 waves up off the 2016 lows and how a) wave-v retraced a classic 23.6% of wave-3 and how wave-5 become an ending diagonal. Once it competed we also got a classic retest of broken uptrend line support in September 2018 before “all hell” broke lose. Now we have major wave-a already in place, right at the ideal target zone, and major wave-b is underway to ideally the 200d SMA where we have a nice (Red) c=a relationship after intermediate (red) wave-b bottoms at around the 50d SMA.

RACE: Daily chart