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The bimonthly chart of Southwest Airlines (LUV) is showing a five wave impulse since 2009. Wave four bottomed in 2020 and wave 3 of wave five is currently in force most likely. The least bullish wave five possibility would be a contracting diagonal which is shown in the blue labeling in the chart below as would be seen if a standard contracting diagonal plays out with minimal length waves 3 and 5 (circled blue labeling). An impulse or expanding diagonal would be the more bullish possibilities and could go a lot higher.
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| Bimonthly chart of LUV. Blue labeling shows the contracting diagonal possibility for wave five. |
