Has a wave 3 higher begun?

22 Jan 2021

Looking at the weekly chart, the earlier wave 2 retraced nicely into the 50%-61.8% zone of wave 1 and we potentially see the beginning of an impulsive wave 3 higher, initially fueled by the strong quarterly results. We saw a large volume spike this week and the MACD is beginning to cross on the weekly timeframe, further confirming this view. We're looking for a break and hold above $10 to confirm it's heading to $20 in the coming months.