Above $11.93 with Follow Through Above $12.50 Confirms a bottomIn lieu of such price action, we retain the ability to make one more low. In the very short term and observing the micro price action $11.79 could extend our black wave (iv) but above $11.93 with price action to get above $12.50 and I start to lean on the purple count.
Best to all,
Chris
Soundhoundai
Sound Hound AI now Exceeding all standard Fibonacci ExtensionsWhereas, I can account for an extended wave 3 hitting the 200.0% fib extension, I have no standard pathways for wave 3 extending past that fib target. Granted that is not to say that sort of price action is impossible...but this is rare.
SOUN is in no man's land...so we continue to look to the next fib area, and so on.
Best to all,
Chris
SoundHound AI Filling in the ideal subdivisions do farMuch has been made about the recent parabolic price action of SOUN. The news is confused if the stock price will collapse or if whales are involved and take this much much higher.
I, on the other hand, have a more calm view, as the price action has been fairly predictable in terms of hitting standard Elliott Wave Fibonacci extensions. My perspective is as per the below chart.
Best to all,
Chris