Thor Industries (THO): Wave B Bounce Could Rise 50%

SUMMARY

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Thor Industries (THO) has topped at what is really a wave 3 at a higher degree of trend. So, the blue waves are subwaves to this higher degree of trend wave 3. The correction has already been deep and sent the MACD to the oversold level. That likely means that the wave A of an ABC sequence is complete and the correction is probably a ZigZag (5,3,5).

The ABC sequence as labeled targets the first major support area (white circle). However, should the retrace be deeper; than it'll overlap with the larger degree of trend wave 1. The coming bounce for red B can be 50% or so; and the MACD should also support. This could represent a swing trade opportunity.

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