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MU (Micro Technologies) knocked the cover off the ball last night in its Earnings Report (see Seeking Alpha snippet below), which has goosed the stock 12.5% as we speak. My attached 4-Hour and Daily Charts indicate that MU needs to take out and close above 264.75 to trigger a higher projection to 295-300. In the absence of a close at new ATHs, MU's near-term setup argues for a range-bound period between 240 and 260. As long as any acute weakness is contained above 220, the bulls will remain in directional control... Last is 252.00 off of a post-Earnings spike high at 263.65...
Today we moved lower, deeper into the support zone for the potential wave 4, but we still do not have a five-wave structure off that low to confirm that a bottom is in place just yet. The move down off the high is, so far, corrective in nature, which is supportive of this being a wave 4. However, until we see a full five waves up off the low and a break of at least the 6,950 level, this can still push a bit lower before finding a bottom.
This is not going to be a long update, but I do have to outline what you need to look for to become much more protective in the metals complex.As I have noted many times, if we get 5 waves down off the high in gold, it will put us on watch for a potential 1-2 down pointing us towards a (c) wave decline to the 3800 region. And, with the 1-2 potential in place now in yellow, the action from the rally high this morning is a potential 5-waves down also.
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