Short
Short RE for continuation lower
This 60m chart of RE looks like a textbook Elliott Wave impulse lower. The deep, zig-zag correction in Wave 2 is followed by an extended Wave 3, with clear sub-division into five smaller waves. I believe the stock is now in a sideways Wave 4 correction which should resolve lower over the next month. Initiating a short position with an immediate target at 220. I will likely add to the position on rallies into 235.
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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.