WGN successfully achieved a target traded in October (see below). It now seems to be making a new target. It has continued to trade in the rising price channel and price has recently confirmed an uptrend and valid uptrend line. Assuming price can break above $1.70 then there is a potential target of $2.16 which is 35% above last week's close. Such a rise would require a break up out of the price channel and it is possible the upper boundary of the channel will turn price back down around $1.85. It would then be possible to expect price to fall back to near $1.65 before making another rise to the target . Alternatively price could drift sideways and rise slowly to the target from its present price. See the analysis below but this is considered a high risk trade - albeit with high potential.

WGN 20Nov20

9 October 2020

WGN was bought this week after it rose as suggested below and was sold (also this week) as price approached the target .

2 October 2020

WGN is a little illiquid for my taste and with only has a few years of chart history, it is difficult to chart. Elliott Wave count is unclear. Price needs to break above $1.32 to confirm a new uptrend. A close above that level would also suggest a target of $1.69 – a potential gain of 30% on this week’s close. On the negative side there is no obvious stop loss level with the first being 30% below current price and while price has made a higher weekly peak the preceding trough was a lower trough. The rising price channel (flag) is another concern as price usually falls down, not up, out of rising flags and such a move might fit better with Elliott Wave Theory (Wave 4 can't intrude into the range of Wave 1).
This is a high risk trade where entry needs to be conditional on price making a higher weekly peak.

WGN 2Oct2020

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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