GL completing a weak wave 5?This is looking more and more likely. The 5th wave seems to be in a wave 5. And unless there’s a miraculous flood of buy orders in the next few days, this looks like it will break down below the base channel and tip below $70. The red box is the near term target and the boundaries are typical fib levels common for a wave 5 termination.
I think the nail in the coffin was the class action brought by an investor. That on top of the DOJ investigation and buffet cutting his entire position is too much for longs to stomach. These ethics violations are not going to just go away like many on WSB are hoping. Why would longs take positions at these prices when you can sit in no-risk CDs at 5%? Makes little sense to me.
