NOTES
Verizon has surprisingly tanked after the new 5G announcement that came-out, overall, it wasn't too surprising. We're without a doubt in short term bearish sentiment for the stock. However this sentiment appears to be coming after a very decent impulse wave rally (not the traditional pattern, appears to be a Moving Ending Diagonal Impulse with converging lines) Short term, we may see a rally around 1.5% strong from Friday's close of 58.05. This is likely to be sold off down to the 0.312 fib retrace of the longer-term impulse wave we're tracking. After this, it's a whole new set of impulse waves on VZ
Likely Scenario: Timeline 3-4 Weeks
1 - VZ rises from 58.05 to the upper $58-$59 range and is rejected.
2 - VZ continues this rejection from that upper range down to the upper to mid $56 range
3 - VZ breaks out of the short term bearish descending channel we see now and begins to hit new ATH's.
Alternate Scenario: Timeline 1-2 Weeks
1 - VZ rises from 58.05 to the upper $58-$59 range and breaks through.
2 - VZ continues this breakthrough through the short term downward bearish channel we see now, and starts it's new impulse wave to new ATH's earlier then expected.
Key Takeaways
Both scenarios end in bullish long-term action estimated timeline for the breakout is within the next month overall. Currently eyeing 6 month long $60 call contracts, not that expensive.