$JSESHP - Shoprite: Best Dip Since The May Bottom, Is It A Buy?
See link below for previous analysis.
Shoprite had a strong 39% five wave rally from the May low of 19165 to 26659.
This strong rally had very shallow dips which showed the underlying strength and momentum in the stock.
From 26659 to 23330, the stock has made a textbook -12.5% three wave zigzag correction which is the biggest dip from the May low. This pullback caught a bid within the 38.2%-50% Fibonacci Retracement zone.
Long positions should use 23330 as an invalidation level.
Shoprite had a strong 39% five wave rally from the May low of 19165 to 26659.
This strong rally had very shallow dips which showed the underlying strength and momentum in the stock.
From 26659 to 23330, the stock has made a textbook -12.5% three wave zigzag correction which is the biggest dip from the May low. This pullback caught a bid within the 38.2%-50% Fibonacci Retracement zone.
Long positions should use 23330 as an invalidation level.
