ULTA breaking out of trend channel, target 350 for wave 3

Constructive start on ULTA after being trapped within the trend channel for a couple of weeks. Also good backtest of the upper resistance, suggesting a potential for a bullish start. We could potentially be coming up on the wave 5 ending for the cyan count, and could see a small pullback to complete the green wave 2. From there, next targets are the green wave 3 to 350, and then the blue wave 3 to 400.

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Copyright Rohan Karunaratne 2020