$MU - RC - WATCHLIST -
Added 2025-05-23 10:58:43 +0000 UTCI really like the look of the $MU chart, Impulse Wave 5 completed at the top blue line at $158 and we have had a perfect pull back in 3 waves to the 0.618 Fib at $60 and this allowed the price to drop below the 200 WMA.
A 3 wave pull back to the 0.618 Fib is as textbook as you will see and a common sight.
Price bounced in 1 wave so far and has gone back above the 200 WMA and moving to the 50 WMA now at $99.
Ideally now we want to see Wave 2 come in next, so I have added the green fib support levels to show where support needs to hold.
And straight away we can see that the 200 WMA cuts through the 0.5 - 0.618 green fibs and the larger amber 0.5 Fib
All between $76 - $80, so this is the confluence range
A pull back in 3 waves to this range and a hold and you have a very clear buy signal.
I would expect a Wave 3 bounce next then and a return to the top blue line at $158 would be the bullish target.
