$EAT Start of Wave 5 pending Earnings Call
I am new to analyzing charts using the Elliot Wave theory and came across this stock on a few other publications.
Upon further review on the 2h time frame, I believe we are entering Wave 5. There was a large drop due to the pandemic, which has resulted in what seems to be the start of an Elliot Wave. This is indicated by the 20 and 50 EMA’s crossing the 100 EMA. We see a pullback once the EMA’s cross again at ‘2’.
At the beginning of September we hit the top of wave 3 and met resistance at $48. Since then, there has been a 5 wave counter trend meeting resistance at the $47-$48 range. As of October 15th, we've broken through the $48 resistance and it seems to be trending up, pending the earnings call that occurs on October 28, 2020.
Curious to thoughts and suggestions.
Upon further review on the 2h time frame, I believe we are entering Wave 5. There was a large drop due to the pandemic, which has resulted in what seems to be the start of an Elliot Wave. This is indicated by the 20 and 50 EMA’s crossing the 100 EMA. We see a pullback once the EMA’s cross again at ‘2’.
At the beginning of September we hit the top of wave 3 and met resistance at $48. Since then, there has been a 5 wave counter trend meeting resistance at the $47-$48 range. As of October 15th, we've broken through the $48 resistance and it seems to be trending up, pending the earnings call that occurs on October 28, 2020.
Curious to thoughts and suggestions.
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