Dollar Tree (DLTR): Major Correction Time!!

SUMMARY

The weekly chart of Dollar Tree (DLTR) is showing that five waves are complete (blue). Blue wave 3's subwaves are also showing a complete impulse motive. Elliott Waves states that after five waves, there is a reactionary retracement and from the looks of it, the correction has already started.

The MACD indicator is moveing within a broadening pattern and likely, it'll decline further to test the lower blue trend line. This will also probably pull price down into an ABC fasion or another sequence of simple or complex type. For now, the correction is shwon to retrace to only prior wave 4 of a lesser degree. However, wave 2 usually retraces 0.5 to 0.618 of prior rise. The blue five waves themselves are subwaves to a higher degree wave 1 and this correction is that higher degree wave 2.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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