💥✨️💥 MU at a Decision Area After a Huge Run

MU has been on a massive run, and at this point I think it is fair to say the move is extended.

That does not mean it has to top immediately, but it does mean we need to respect what can happen if this is a wave 5 extension. Extended fifth waves can eventually retrace hard, and sometimes they give back a large part of the extension once the structure turns.

Right now, the bounce from 651 looks most like an impulse to me. That gives us the possibility that MU is either finishing, or has already finished, a larger wave 5.

The issue is that price has now broken the wave 4 of the proposed wave 5. That opens the door to a correction being in play.

The key pivot I'm watching is 973.11.

If MU can break back above 973.11, then the correction from 1087 may already be complete as a zigzag, and bulls may be trying to continue the upside trend.

If MU fails here and loses the current green box, with the extreme around 945, then I would be watching for one more low. That could complete a downside impulse, and after that I would look for a corrective bounce before deciding whether more downside is setting up.

Key levels:

• 1087 = recent high / start of current correction

• 973.11 = impulse invalidation

• 945 = green box/W4 extreme

• 945 = green box/W4 extreme

• 817 = LOI + Golden Zone support

• 651 = larger structure level

If price pushes lower, 817 is the next important area. That level has support confluence with the Golden Zone, so a bounce there would make sense.

But if 817 breaks, the chart starts looking more bearish.

Below that, 651 is the larger level where the bigger structure starts to break down, and a larger degree correction becomes more likely.

For now, I don't want to chase the middle.

Above 973.11, bulls have a real shot at saying the correction is complete.

Below 945, I'm watching for more corrective downside.

Below 817, the bearish case starts gaining strength.

Trade safe. Trade clarity.

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