Supplement to previous idea - BullishHere is the bigger picture for LRCX, as referenced in previous post on expanding triangle.
We are currently at the transition from f of C of 4 and for the reasons outlined in last idea it is likely that wave 5 of the larger impulse is about to begin (or began May 20), to summarize:
- wave 4 was an expanded flat with an ending expanding triangle as the 5th wave of C ~1.418 retracement off B (the Jan highs, which was a 1.418 extension of A)
- initial target is 522, which will be the breakout level from the expanding triangle (this attempt should unfold by end of this week in alignment with NVDA earnings. If it fails, it is likely to drop to lower support of expanded triangle around low-mid 430s; if breakout is successful it will continue to the following targets in route to complete 5th motive wave:
*Intermediate target range 548-low 600s, point target 567
** goal target range 732-786 (which will be wave 5, precise level tbd and will send update if we clear 522 and intermediate level is realized
Catalyst = witchkraft
