The move into the recent high at 72.88 can potentially argue that the advance from the 2016 lows has finally completed an impulse wave (5 wave advance), it would need a strong move below 66.35 to support further downside and suggest the advance could well have marked a significant peak.
When you look at the previous rally, from 2008 – 2011 its showing a similar advance, both in time and price, which further adds to the evidence that the advance from the 2016 could well have ended.
If you own this stock you may want to lift protective stops to 66.35, If the advance has ended from the 2016 lows, then you dont want to be caught long this stock, as I am expecting a large decline to correct the advance from both the 2016 lows as well as the 2008 lows. If a gap up from earnings (due 23rd May) IMO sell into the rally if you won the stock, and let others buy the stock at the highs or at least stick a stop at 66.35.
Tentatively looking lower below 72.88.
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