$MU - could bottom be in?I got a request to look at MU a bit ago, and it just came up on my weekly inside bar scanner.
It appears to be looking for bottom for what could be a cycle wave IV. We are nearing the 50% retracement, so it is getting close to decision time. The 50% retracement sits at 64.1, and the cycle wave II avwap (covid low AVWAP) sits right at a similar level (notice the 100 extension for Y of WXY also has confluence with this level). These will provide very strong support if MU flushes lower and if it does would be a great dip buy area.
Positive signs: We are already starting to see a reversal on the RSI and macd is looking to curl and cross on the daily. Notice there is also bullish divergence on the macd and the stock is falling on decreasing volume. These are good signs, and bottom could already be in.
How to trade it from here: Well, it looks like at the very least MU wants to make a move up to test the falling wedge trendline, so super aggressive traders could grab weeklies to gamble on that. But with the state of the market and possibility of a retracement happening I don't think that is the best way to approach this. I set an alert on the upper TL and will be looking to buy the backtest of the breakout
