HOOD: In the midst of a breakdown...I've been patiently waiting to buy HOOD, but never felt comfortable with the price point. I think I'll finally get my opportunity!...
We are potentially half-way through a corrective wave that typically follows an impulse move upward. September, historically, has been known to be a down month.
I've charted what looks to be a textbook example of some Elliot Wave patterns currently developing. Starting in late 2023, until mid July 2024, we had a nice bull run. It's possible we've begun a significant correction phase (ABC), based on what fundamentally follows a bullish impulse move up (12345).
The possible next move may have already begun ("C"), the final corrective move downward. Should it occur, we can expect to reach the potential target of ~$12-13.
$12 to $13 has shown to be an important price range in the past, when it had shifted from resistance to support back in the beginning of the bull run in the early 2024.
Confirmations of Corrective Wave (ABC):
Wave A : The initial drop from the peak of Wave 5 to the bottom of Wave A, showing a significant correction.
Wave B : A retracement upward from the bottom of Wave A, but it doesn't surpass the high of Wave 5, which is typical in a correction.
Wave C : (UNCONFIRMED) The final leg downward, which appears to be in progress.
Good luck all...
