$MSFT TOP 20
Added 2023-05-21 18:13:52 +0000 UTCThis chart has not been updated in any way, it really has come exactly to our Wave 3 target at the 2 Fib, can it continue to go higher before pulling back? yes of course.
We like to see pull backs where we have set them but the price action moves to the Fib levels they want, as long as there is 5 waves up and 3 waves down then the EW Theory is valid.
I think crunch talks on the debt ceiling limits are going to play a large part with this and a number of mega cap stocks during the week.
As of today, talks have broken down as Biden has said that he can not agree to the Republican demands, so I suspect their talks may continue into the night....but it may suit one side for this uncertainty to continue, especially into the market opening tomorrow as the pressure starts to build up.
So What Now?
Political and economic issues are at stake now, we are looking for Wave 4 here next, the average price target from analysts is between $325 - $345 for this year, there is not a lot of upside from here, another 10% maybe.
This will need to pull back.
