CS GROUP TESTING RESISTANCE AT 16.35 - SELL ON "good" NEWS
CS Group has rallied from the low on 28.6.2018 to today's high at 16.18. Today's rally is appointed to the better-than-expected results. However, on the chart it is the final Wave v upwards, being part of the Inverse FLAT, which began on 28.6.2018.
See the chart below....
The rise from the low in June is a textbook Elliott Wave Inverse FLAT A-B-C.
Wave C was 1.618 times the length of Wave A.
Waves 3 to 5 are 1.618 times the length of Wave 1 at 16.35.
Wave 5 is equal to Wave 3 at 16.25.
Within Wave 5 is Wave v 1.618 times the length of Wave i to iii at 16.20
THIS MAKES IT CLEAR THAT CSG MUST RISE ABOVE 16.35 TO SIGNAL A RE-ACCELERATION OF THE MAJOR UPTREND.
MORE LIKELY, HOWEVER, IS THAT THE STOCK IS TURNING DOWN AGAIN FROM TODAY'S NEWS-RELATED FIFTH WAVE PEAK.