L Brands Inc. (LB): Expect a B Wave Bounce

SUMMARY

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L Brands Inc. (LB) is in the midst of the first wave of a corrective sequence. This comes after a massive five wave impulse up where waves 3,4,5 were nearly vertical; a kind of price move that is never sustainable. The corrective decline has been about equal in descent angle and pretty swift. What's next?

Here is the corrective sequence of ABC (red). Wave A is nearly complete, if not already. This means that red wave B bounce should be the next move. Given how the MACD has been putting in higher lows and the price lower lows, this divergence also suggest a coming bounce. It could be quite profitable also. The subsequent C wave down should reach for the 0.78 Fib level (white circle).

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