Expected decrease in MGM using Elliot Wave Theory
As seen in the charts, i am expecting a 3 move corrective wave downwards within the channel towards $15.23, which is also the support for the 2nd wave in the previous 5 move impulse wave, as well as the resistance for the first wave move in the first set of impulse waves. The only scenario that will deny this expectation is if price breaks out from the current channel upwards. This is a speculative short-term play before going long if this 3 move corrective wave plays out correctly. Please do note that casinos will be opening up again in the near future, thus, be careful of this short-term play.
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