Meru Networks
Jasmin has asked if I would take a look at Meru Networks, which I of cause will like to.
When looking at the long term chart it looks like a long term bottom is in place, but the decline from 6.93 is worrying. However, as long as we don't break below support at 3.53 (the top of wave i) I would expect a new rally in wave v, which should break above the top of wave iii at 6.93. If we do break below support at 3.53 the possible bullish Outlook would be invalidated and we should expect more downside pressure and likely a new low just below 1.42.
Short term I would expect a little more downside pressure for a move closer to 3.89, but from there we should see renewed upside pressure and a break above 4.79, which will be the first good indication that wave iv is over and wave v is Building.
Thank you so much for your analysis. I have been reading your blog for few years now, and I must say that your elliott wave knowledge far exceeds everyone else out there, even elliott wave international. I really appreciate your willingness to share and educate people.
ReplyDeleteHi Jasmin
ReplyDeleteYou are very welcome and thank you very much for the kind Words. They are very much appriciated.
Kind regards
EWS