UPS heading to new highFrom its 2015 high, UPS declined in a textbook Elliott pattern. We label that decline as a simple ZigZag and as usual either it is all of a correction or part of it. Either way, UPS will eventually make new high and for the coming weeks UPS should go up at least in 3 waves. That view will hold as long this year low is not breached.
Markets are patterned but the key is not try to label everything. Just look for the clearest patterns which have the right look. UPS is definitely once of those rare instances where not only do we have a clear count but Fibonacci is there too with wave B ( an expanded flat ) retraced 61.8% of wave A and then, wave C = wave A.
