$EAT Start of Wave 5
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I am new to analyzing charts using the Elliot Wave theory and came across this stock on a few other publications.
Upon further review of the YTD time frame, I believe we are entering Wave 5.
There was a large drop due to the pandemic, which has resulted in what seems to be the start of an Elliot Wave. At the beginning of September we hit the top of wave 3 and met resistance at $48. Since then, there has been a 5 wave counter trend meeting resistance at the $47-$48 range. As of October 15th, we've broken through the $48 resistance and it seems to be trending up.
I am unsure of the micro waves I've plotted as there doesn't seem to be quite the pullback for wave 4 during the macro wave 3 trend.
Curious to thoughts and suggestions.
Upon further review of the YTD time frame, I believe we are entering Wave 5.
There was a large drop due to the pandemic, which has resulted in what seems to be the start of an Elliot Wave. At the beginning of September we hit the top of wave 3 and met resistance at $48. Since then, there has been a 5 wave counter trend meeting resistance at the $47-$48 range. As of October 15th, we've broken through the $48 resistance and it seems to be trending up.
I am unsure of the micro waves I've plotted as there doesn't seem to be quite the pullback for wave 4 during the macro wave 3 trend.
Curious to thoughts and suggestions.
Note
See updated post on my account
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