$MSFT TOP 20
Added 2024-04-21 18:48:22 +0000 UTCMany analysts had this moving higher in March but we maintained our conviction that it would struggle at the 2.618 Fib and complete Wave 5.
It has now rejected hard at this level and the moment the 50 Day MA was lost this week, it accelerated down, losing -5.5% over the last few days during the week.
Earnings report is due on Thursday so I still expect to see a retest of the 50 Day MA from below, I think if they do not produce a blockbuster report, this will move down lower after testing the 50 Day MA.
I would be watching the 200 Day MA at $368 for Wave A to complete over the next 1-2 months.
Comments
It looks like we might see a SHS first. The length of the head to current support would be directed downward towards the 200 day line.
Thomas Brandt
2024-04-21 18:55:21 +0000 UTC
