Quick! ABC correction or 3rd wave of Elliot Wave pattern?

Hmm… I choose the latter-  3rd wave of the Elliot Wave pattern.  Take a look at the $RPTP daily chart below:

RPTP_daily

Since this is a biotech company, the 3rd wave will be quite a sight to see IF it is the 3rd wave.  My target for the 3rd wave is $6.

Or

it could be an ABC correction which, in this case, will probably penetrate the resistance at $5.29 before heading back down.

Roll the dice, close your eyes, and cross your finger… Just kidding, this is not how you trade stock!

I will put a stop below the B wave if this is an ABC correction pattern.

My 2 cents.

Yeap, I bought a starter position on $RPTP.  If price action takes out resistance at $5.29, I will add more.



Categories: RPTP

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: