The triangle scenario is still alive. On my last update I was a bit sloppy in saying that a move below 164 would negate the triangle scenario while actually the resistance was at the previous low @ 163.50.
It is holding thus keeping the triangle alive.
Today's news could be all or part of wave D but the bottom line is as long 163.50 holds, FDX is moving sideways before pushing higher. If breached, it would then mean we are are heading towards 150 before resuming the bull trend.
For a better understanding of our long term view, have a look at our Monthly chart linked below
It is holding thus keeping the triangle alive.
Today's news could be all or part of wave D but the bottom line is as long 163.50 holds, FDX is moving sideways before pushing higher. If breached, it would then mean we are are heading towards 150 before resuming the bull trend.
For a better understanding of our long term view, have a look at our Monthly chart linked below
