롱

ENDP - BREAKOUT PRONE - UPDATE

has been consolidating from it's impressive rally in the beginning of the year.

ENDP has shown strong support at it's 52 Week high. It hasn't even retraced .236 of the rally. This leads me to believe we are going to have an extended primary Wave 1.

How can we discover that wave 1 was extending?

Suppose the minor wave 3 travels more than 161.8% of minor wave 1 then we are seeing an extending wave 1. Suppose wave 3 is of normal proportion. Once the minor wave 4 is finished, you should draw a channel where the lower line connects the bottom of minor wave 2 and minor wave 4. The upper parallel line should be made to touch the top of minor wave 3. If the minor wave 5 goes above the top of this channel, then we are seeing the minor wave 5 within wave 1 extending, which means the whole wave 1 is an extending wave.
Extended 3rd Wave: