[MU] update

Here's the backlink but before I discuss the chart presented there, here is the high level view so that you have the context of the larger wave model as a reference.  The August low is certainly 3 down from the peak but that could also be C.  My current take is that it was a 3 and that the subsequent bounce which is discussed below was a 4th and now we are working on 5.  It should be noted that move back up above the red horizontal at this point moves the odds dramatically toward that bottom having been C instead of 3 meaning a new bull market has begun.  Again, that is not my primary model but the value of EW is that it tells you quickly when your model is wrong.




The model snapshot shown below from the backlink was taken at the dip circled in green in the larger model above.  So the recent B wave bottom and the subsequent 4th wave peak was nicely modeled in advance.  Pure luck?  I think not but everyone has to make their own decisions about such things.



My chart modeling of Micron should prove instructive to anyone who thinks that fundamentals have anything to do with the short term moves behind stocks.  Whitney Tilson is often portrayed to be some kind of financial genius but this year he has lost his ass in Micron.   He may not know that these shares are now sitting on the edge of a razor technically but unless these shares reverse upwards very, very quickly we will see wave 5 play out with target price ~$11.  At that point these shares will be a screaming buy, at least back up to the $19 level.