The idea is based on the Elliott Wave Theory. The price seems to be correcting after making a 5 wave impulse. This could mean further decline in the stock value while it enters the wave (3). Invalidation level remains at the top of wave 1. (i.e 595)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.