Chart Update

My boy Michael Saylor just can’t get enough of a good thing. MSTR just announced they would do a secondary offering to raise $750 million. They will use the proceeds to buy more BTC and probably retire some of their outstanding debt. As always with the news of an equity offering, there is some selling pressure on the stock. My near term wave count is shown first chart down below. I have this pullback as minuette wave (iv) of minute wave [iii] of minor wave 3.

The daily chart shows the bigger picture view with fib extension targets for the both minute wave [iii] of minor wave 3 as well as for minor wave 3. For minute wave [iii] of minor wave 3, I have a target of ~$580 where minute wave [iii] = 2 x [i]. For minor wave 3’s target I’m looking at the $688 level where 3 = 2.618 x 1. Also note the yellow like marking the minuette wave (i) high. Minuette wave (iv) is not allowed to cross this line, if it does, then this count is invalidated.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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