$SLM - Sanlam: I Count Five Waves, Stock Losing Momentum
See link below for previous analysis
Sanlam has had a good run since the last update and has traded as forecasted.
An update of the wave count shows a triangle consolidation for wave 4 and wave 5 looks to be unfolding as an ending diagonal.
The MACD is trending lower as price continues to creep higher. This divergence is a caution that price momentum is waning to the upside.
With the wave count at a mature stage and loss of price momentum, if not already in the stock I would sit on my hands and if already in the stock, use a trailing stop and protect profits.
Sanlam has had a good run since the last update and has traded as forecasted.
An update of the wave count shows a triangle consolidation for wave 4 and wave 5 looks to be unfolding as an ending diagonal.
The MACD is trending lower as price continues to creep higher. This divergence is a caution that price momentum is waning to the upside.
With the wave count at a mature stage and loss of price momentum, if not already in the stock I would sit on my hands and if already in the stock, use a trailing stop and protect profits.
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