$UA - Wave 5 initiation as we approach earnings on July 26, 2016
Ever since UA had a 2/1 split early April, prices have been gradually dropping and it seems as though a a halt has initiated a reversal preventing us from touching ur Jan. 2016 lows of ~$31, and I believe that was the end of our Wave 4 ABC correction. Looking back to 2014-15 we see a healthy wave 3 which can be subdivided into 5 smaller waves. Wave 5 (in wave 3 marked green) is an impulse wave further divided into 5 waves. Interestingly enough the wave 5 extension is very similar in size to our original wave 1.
All in all I believe that wave 4 correction has come to an end and we are starting our last wave 5 which should be approaching the $53-$56 range. Earnings will be reported later on this month and think we should have a nice bullish trend if earnings are impressive.
A little bit about the company: Under Armour has recently shown signs of dominance in the sports apparel industry pushing Nike off its thrown. Signing professional superstar athletes (Curry, Harper, etc.) and collaborating with Universities (UCLA NCAA sponsorship) UA has tapped into a new crowd of customers. Endorsing Steph Curry alone UA's basketball shoe sales have increased by 350%. This company has a future and is growing fast and I see a nice bullish trend continuing for quite a while.
All in all I believe that wave 4 correction has come to an end and we are starting our last wave 5 which should be approaching the $53-$56 range. Earnings will be reported later on this month and think we should have a nice bullish trend if earnings are impressive.
A little bit about the company: Under Armour has recently shown signs of dominance in the sports apparel industry pushing Nike off its thrown. Signing professional superstar athletes (Curry, Harper, etc.) and collaborating with Universities (UCLA NCAA sponsorship) UA has tapped into a new crowd of customers. Endorsing Steph Curry alone UA's basketball shoe sales have increased by 350%. This company has a future and is growing fast and I see a nice bullish trend continuing for quite a while.
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