Monthly chart of the stock. From covid lows of 31.65, it completed wave 1 at 171.70 in clear 5 waves up. Did a retracement of slightly more than 50% in wave 2 around 95.45. After breaking the wave 1 high this week, now the stock seem to have started larger wave 3. We are now in minor wave 1 of 3. Volumes also look good, nearly 2X of 20 SMA and we are still half-way in this month so volume could further increase.
If we go by wave 1 and 3 equality, wave 3 would be equal to wave 1 at 518. Note that, ongoing wave 1 would be followed by wave 2 retracement which could be as much as 61.8% from minor wave 1 top, whenever that happens.
Fundamentally it probably does not make sense given weak macros and economy slowing down.
View shared above is pure technical. Intention of sharing this chart is only to educate on how Elliott Waves can be used to estimate levels (targets, SL).
