Elliott wave Analysis of Amdocs (DOX)

With the spike to new high its now possible to count 5 waves from the 2016 lows, which in turn could also be counted as the end to a larger impulse wave that started from the 2009 lows. So if you own this stock, you may want to seriously consider cashing out or at least lifting protective stops to 60.00.

The primary idea is to see a big decline now and a substantial move lower to correct the advance, initial targets reside around 50.00, then 45.00. The alt idea I am also watching is that the current setup gyrations develop into a larger triangle for wave 4 of wave [5], then we see spike to new highs to end wave [5], and finally complete the advance from the 2009 lows. If any upside fails to move above 70.00 it could be a subtle warning that a top is now in place at 71.72. If the alt idea is in progress, I favor any weakness holds above 60.00.

Alt idea

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott wave Analysis of Amdocs (DOX)

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