$MSFT TOP 20
Added 2024-05-05 18:54:12 +0000 UTCAs I have said here this evening already, $MSFT has the best correlation with the market right now, whereas $GOOG has been bullish, $AAPL and $TSLA have been bearish....$MSFT sits in the middle.....but still some distance from its 50 Day MA, whereas the $SPY and $QQQ finished the week testing their 50 Day MA.
$MSFT came incredibly close to losing its previous low this week at $388, this would have possibly trigger some stop losses and damaged the market but the bulls managed to hold on and bought the dips for a relief bounce.
What I can observe is that since $MSFT hit Wave 5, it then descended in 5 waves, if it pulled back in 3 waves, then we could expect $MSFT to move high, but moving down in 5 waves, means we expect a bounce for 3 waves next and then a further low to follow.
Let's see if the theory holds true.
The big test will be the 50 Day MA and the 0.618 Fib at the same level at $414.....flipping this to support will be a big win for bulls, rejecting and it goes lower as shown.
