From my analysis Drax PLC may have a little further to retrace for wave 2 but it may be about to embark on some serious upside. According to this Elliott Wave count it may have completed a correction that started in 2006 and may now be resuming its upwards trend. For the more pessimistic, my completed C wave may not be deep enough and might only be the end of its wave 3 and the upswing going on now may only be the 4th wave correction before further downside. I, however, am going with the more optimistic view although I will be keeping an eye out for the alternative count.
Note
Didn't get this one quite right the first time but it seems to be following the plan quite nicely now. Reckon there might be some more upside here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.