V, X, Z updates 2/2

V: If cash market does what it did today AH on earnigs then price should gap up over the recent $84 high and move to our minor 5 target zone of around $86.30-$87.54. We note the picture perfect iii of 3 extension and minor wave 4 retrace, suggesting wave 5 should also adhere to standard extensions. But, no guarantees; minor 5 may extend as the 1.236x extension of intermediate i lies at $87.82. In addition, price has been unable to move sustained above $83.50 for months and thus a break above $84, will be a significant achievement and could lead to much higher price longer term, fitting with a major 5 target of $105-$105.

v

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X: Solid double digit % day today. Price broke out from bull flag pattern and exactly from our previously forecasted intermediate iv target zone (see here). We continue to expect a major 3 peak in the $42-$46 area. Note how price moved back over its 20d and 50d SMA, which will now act as support. The 200d SMA keeps moving higher and price is also solidly above it. Uptrends on all time-frames: long term to short term. All TIs are starting to point back up and none is overbought yet nor any negative divergences; hence plenty of possible upside left.

x

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Z: So far it is still at around its 62% retrace, which a c=a (arrow) would target as well, of the prior uptrend suggesting a wave ii. Note the possible cup and handle pattern (from wave 3 to wave i as the cup, and then wave ii as the handle), targeting $47.50ish; while a standard wave v would target $48.40-$50.20; thus both agree well. Price now needs to start moving back up from severely oversold. Note that the On Balance Volume (OBV) keeps increasing; which is bullish.

z