Good evening and welcome to today's Charts of the Day video.
MELI is turning down nicely after the a-b-c bounce for wave (iv) in our circle C of A. So it should get a lower low, ideally heading closer to the 1600 region for that fifth (v) of the C wave. And then from there, we're going to look for a bigger a-b-c bounce for this B wave back up into the 1900 to 2000 region.
GNRC has filled out what looks good for an a-b-c move down in the fourth wave of the C of a possible larger A wave. A higher high close to 207 is the preferred path, which should be an a-b-c up. It’s a good start up off the 61.8% retracement at 152.50.
Vaill Resorts (MTN) is in the news a lot because of the ski patrol strike. I think this is starting our fifth wave down. This fifth wave can be an ending diagonal, or this could count as a leading diagonal for wave 1, and it can just be an impulse. Either way, we should get five waves down, and this can be most of wave 1 and be starting to bounce in a wave 2. So maybe the ski patrol strike ends, and we get a little bit more of a boost up towards the 188-190 region, and then it turns down from there on its way down towards 136.70, which is the ideal target for that fifth of the larger C of a cycle degree wave IV.
Our other Charts of the Day are MBUU, PANW, GRPN and SMCI.
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