The Long Investor

$HIMS

Added 2024-11-08 15:46:39 +0000 UTC

OK $HIMS dropped -8% and is now recovered to -4% as the dip is getting bought up

I am back at my desk now so I am able to see the chart in better detail, $HIMS has now pulled back more than -5% 6 times now since the start of October and each time it recovers and makes a higher high.....and in these pull backs, there are always 3 waves....so in an impulse wave, pull backs in 3 waves mean they are corrective waves as part of a upward moving larger impulse wave.

That being said, $HIMS is making me work hard as I digest these frequent and strong moves.

The pull back today infringed upon my previous subwave 1's top so this needs to be addressed, we can see that the pull back tested the 0.5 Fib today at $21.50, above the confluence level of the 50, 150 and 200 MA on the 1hr chart....price has bounced on this confluence level

So for now we must assume that this was a subwave abc pull back.

In simple terms, I make this pull back Subwave 2 of Wave 3, with Wave 3 completing at the 1.618 Fib at $35.

There is still intraday movement right now so the move may not be complete but once I see a hold above the range between $21.51 and $20.76 then I am happy this is moving to the blue line next at $25.41 as previous planned for too....a hold as well also gives you another buy entry if you have missed all of the pull backs over the last month.