$MELI - RC -
Added 2023-10-26 01:05:34 +0000 UTC$MELI is showing signs here of beIng in its Corrective ABC wave. Our potential Wave 5 made a new high so the impulse wave is valid, even if it was a little short.
We can see now that the price has pulled back considerable and is already below the 50 and 200 Day MA.
The price is also testing the 200 Day MA from below too, a rejection here and we could see this move down to the 0.5 Fib where Wave A is.
Bulls will want to see the 200 Day MA recaptured.
