Hanes Brands (HBI): Terminal End of a Correction?

SUMMARY

When is the best time to buy? At the terminal end of a correction. Take a look at the Hanes Brands (HBI) chart. I made a very nice 3 wave extended impulse wave sequence. After wave 5, the correction didn't waste any time. Price has been correcting while traveling within a channel and the key question is: What's next?

The subwaves qualify the higher degree of trend waves pretty well. The correction looks to be a wxyxz (blue) sequence. Note also the downward wedge pattern (yellow) and price should break out of this pattern as well. The MACD has been making higher lows while price has been putting in lower lows. I believe a price turn to the upside is coming.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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