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MU (Micro Technologies) knocked the cover off the ball last night in its Earnings Report (see Seeking Alpha snippet below), which has goosed the stock 12.5% as we speak. My attached 4-Hour and Daily Charts indicate that MU needs to take out and close above 264.75 to trigger a higher projection to 295-300. In the absence of a close at new ATHs, MU's near-term setup argues for a range-bound period between 240 and 260. As long as any acute weakness is contained above 220, the bulls will remain in directional control... Last is 252.00 off of a post-Earnings spike high at 263.65...
This is my fourth article this year that covers the major top that has formed in Coinbase (COIN) since I started this series in May. In my last article, published in October, I expressed some doubt that the top would last when its b-wave was pushed to the limit. However, it did stick the top in circle-2 and has since given us a good third-wave dumping. Further, the rally off its late November high is corrective, and I see more lows likely in the not-so-far future.
This is a pretty straight forward update to write. We have been expecting a smaller degree wave 4 pullback, and today we may have completed it. The smaller degree structure approached the pivot in the SPX (whereas the ES struck the top of its pivot to the penny), and it also exhibited positive divergence near the lows today. So, there is a strong potential that wave 4 may be done. And, once we get a larger degree 5-wave structure off the low, we can set our sights for wave 5. But, I must warn you.
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