Sky (SKY): Is Sky the Limit?

SUMMARY

Sky is clearly patterning out a bullish Cup & Handle setup. In fact, it's complete and pretty much confirmed. When the Cup and the Handle formations are placed and price breaks out of the handle upper trendline; it's confirmed. These are all happening within the parameters of a broadening pattern and price has bounced well off the lower blue trendline...this is bullish.

Two rounds of impulses provide the best confirmation of a trend reversal. The first round seems to be in and the curren minor correction should reach the prior blue wave 4 zone or maybe lower. The second potential impulse round is shown in blue. Given that the MACD is also oversold; the red B wave of the correction could generate an overnight bounce.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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