$PFE - ABC Correction Pt 2.
Last time I charted 
PFE I was wrong about wave (C) going lower but we still had a good entry to ATH we see now. Today we completed Wave (5) from the previous 2 cycles now about to be on its 3rd. PFE has been respectin EW theory pretty well so far. According to EW we should see some type of ABC correction. Mid day PFE tanked hard and fast which completed corrective Wave (A). Then PFE slowly recovered back to ATH’s completing corrective wave (B). However that last candle stick seems very sus to me. If you look at PFE for the past couple weeks we can see that with every run up we had a pullback specifically on Wednesday. Tomorrow is Wednesday (8/18) and if it should still follow trend we can anticipate a pullback coming up. That final candle seemed like a bull trap to me with that long wick touching ATH, tricking bulls to think it will run up again tomorrow. However I could be wrong and PFE could rocket at the bell. (This is less likely) I think we touch the $48.50 area and then slowly recovery to $50 EOD then maybe touching $52 EOW. LMK what you think!
PFE I was wrong about wave (C) going lower but we still had a good entry to ATH we see now. Today we completed Wave (5) from the previous 2 cycles now about to be on its 3rd. PFE has been respectin EW theory pretty well so far. According to EW we should see some type of ABC correction. Mid day PFE tanked hard and fast which completed corrective Wave (A). Then PFE slowly recovered back to ATH’s completing corrective wave (B). However that last candle stick seems very sus to me. If you look at PFE for the past couple weeks we can see that with every run up we had a pullback specifically on Wednesday. Tomorrow is Wednesday (8/18) and if it should still follow trend we can anticipate a pullback coming up. That final candle seemed like a bull trap to me with that long wick touching ATH, tricking bulls to think it will run up again tomorrow. However I could be wrong and PFE could rocket at the bell. (This is less likely) I think we touch the $48.50 area and then slowly recovery to $50 EOD then maybe touching $52 EOW. LMK what you think!
Disclaimer
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.