What will Micron (MU) do over the next 72 hours
Updated
Here is my best guess at a path for Micron (MU) between now and the close on 3/22.
It appears we have completed wave 3 of a large 5 wave impulse pattern.
Within this Wave 3, MU has completed 5 sub-waves and now appears to be working on the ABC correction.
Wave A is in, B was recently completed, and now we are attempting wave C which will be 5 smaller waves down back to the larger trend line.
Of this Wave C down, we appear to have put in Waves 1 and 2. In fact wave 2 made a near perfect 61.8% retracement at this moment.
The target for the Fibonacci extension of wave 1 puts wave 3 of this C wave ending at near $56.5 for a 1:1.618 extension.
MU would then retrace with wave 4 to previous level of support that would now be resistance around $58.25 before the final push down to $55 for the touch to the trend line on about the close of 3/22.
Conveniently, this would yield a C wave that is a perfect 1:1 extension of wave A.
Of course, with all this looking so textbook, something is bound to go wrong.
It appears we have completed wave 3 of a large 5 wave impulse pattern.
Within this Wave 3, MU has completed 5 sub-waves and now appears to be working on the ABC correction.
Wave A is in, B was recently completed, and now we are attempting wave C which will be 5 smaller waves down back to the larger trend line.
Of this Wave C down, we appear to have put in Waves 1 and 2. In fact wave 2 made a near perfect 61.8% retracement at this moment.
The target for the Fibonacci extension of wave 1 puts wave 3 of this C wave ending at near $56.5 for a 1:1.618 extension.
MU would then retrace with wave 4 to previous level of support that would now be resistance around $58.25 before the final push down to $55 for the touch to the trend line on about the close of 3/22.
Conveniently, this would yield a C wave that is a perfect 1:1 extension of wave A.
Of course, with all this looking so textbook, something is bound to go wrong.
Trade closed: target reached
Well, hit the target of $55 the morning of 3/23/2018. Wave B extended a little further than planned, but did not change the overall plan. Hope this was helpful to you.
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