That turned out to be a good call with HP eventually all the way to $24 before finding support. Now the question is, do we buy this 3 wave dip or does it turn into 5 waves? We should know pretty soon and I think the answer will reflect on the broader markets even though HPQ began its decline in Jan 2015, months before the peak of the broader markets.
I do not see how HPQ can be getting bought if the rest of the markets are tanking. If HPQ can break back up above the red horizontal then the recent move from 30-27 will likely count as a-b-c and not 1-2-3 and if that happens then we have to expect another big wave up here, maybe even the start of a new bull market for HPQ.
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