The spike into new all time highs can be counted as a 5th wave from a triangle 4th wave, in Elliott Wave terms the move would be considered as a terminal advance. A strong reversal back below 163.00 – 160.00 is needed to support further weakness and argue that wave 5 is completed, if the spike is a 5th wave then it can also end a much larger advance that started from the 2016 lows.
If you own this stock you may want to lift stops to 160.00 to lock in any gains you have.
Do you have a stock that you want evaluating? Purchase a consultation call and get an independent review through the lens of Elliott Wave. With the US stock markets vibrating around the previous all time highs, it may be prudent to think about protecting any gains you have.
Click here to purchase a consultation call CLICK HERE
Click here to purchase a Elliott Wave report CLICK HERE
Note: If you are a member, you can email me or send a tweet for an update if you are thinking about trading this stock.