L3 Technologies (LLL): Extended Wave 5 Alert!!

SUMMARY

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And yet another sign of a potential recessionary times that could be approaching! The weekly chart of L3 Technologies (LLL) shows that an impulse wave is pretty much complete and that wave 5 is extended!! An extended 5th is often a harbinger of a very deep retracement to be had. Would this be an ideal time to be taking profit sell or just buy no matter what?

The ABC retracement could be to the prior wave 4 (blue). Could it go much lower with the extended 5th? Yes. The MACD could go lower a bit more but then a bounce would correlate with the red B wave retracement. I believe companies are alrady laying of workers because they already feel the economic slow down. Those firings could become more frequent with other companies taking the same cost reductions. Could the Cryptocurrencies be seen as the SafeHaven from this equity correction? I don't see why not. Bitcoin is perceived as an excellent store of value.

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