Keep a close eye on [LL]

Lumber liquidators is close to the final washout 5th wave which should take it to the $16-$17 range according to my previous post whose chart is reproduced below.




That 4th wave HT which ended in late April is quite clear folks.  4ths are penultimate and HTs are either Bs or 4ths and that wasn't a B.  So it means we need 5 waves down from E of 4 which ended 3rd week of April.  The wave 3 of 1 and 3 of 3 gaps are self apparent.   No matter where the bottom eventually is, the target will be the level of the prior 4th and that is at least the $32-$33 level but more likely the $55 level (the expected 38.2 fib) or even the $70 level (the level of the prior 4th).  Forget the news folks, news means nothing relative to EW.

It is also possible to count LL as if the bottom is already in but that is not my current count.