Hey Billy, Apparently I need someone to check my math. I went over my calculation and I made a mistake somewhere. The price target is actually 18.37 before October 25! I will take that.
Here are the details. Wave 1 began on 5/4 at a close of 11.47; it ended on 6/26 at a close of 14.9. That price increase is 3.43. According to the technicals, Wave 3 should be about 1.618x this price increase....therefore, I calculate an increase of 5.55.
Wave 3 began on 8/2 with a close of 12.82. Adding 5.55 to that price gives me a target of 18.37.
The technicals indicate that the price target should be achieved in less tan 1.618 times that it took for Wave 1 to Complete. Wave 1 was 37 trading days; therefore we should achieve out $18 price target before October 25, which is 59 trading days max.
This wave is usually the fastest and the most exciting. Remember, Wave 3 is not a straight up move. It should develop in five clear impulsive waves, three up and two down. Strap yourself in and enjoy the ride...I love Elliott Waves! If momentum is on our side...this will confirm that we are on our way.
It seems the trend is our friend. Whether you look at the Elliot Wave formation, Cup and Handle or other classic patterns.....they all guide to a minimum $18 target. This high volume we are having is good confirmaton IMO.