Aggie118 said:
Is now a good time to hop on Prog?
It's actually tough to tell.
From my EW point of view, it's hairy. On the 1D candle chart, it looks to have just topped off in a 5th wave (that point becomes our larger degree wave (1) going up significantly higher into the future for another 5 waves). So we could expect a 50-61% retrace from today's high.
But what's tricky is that if you look at the hourly chart, there's a huge wick that got up to nearly $6.50 a couple weeks ago. And if you retrace that move from the bottom to 61%, you get where we bottomed late last week in the high $2's. So in that case, it could be argued that we already completed 5 waves up and formed our larger degree Wave (1), bottomed in our larger degree Wave (2), and today's action is actually the highly impulsive Wave (3).
But either way, today's move needs to retrace. If it gets down to the high $3's and reverses back upward, then we're likely in the larger degree Wave 3 still taking us to $9.00 sooner rather than later. If that move retraces into the low $3's or high $2's, then we are bottoming in the larger degree Wave (2) and about to start the ultra rippy Wave (3) taking us to $8 over a month or two. And if it resumes it's rip today and gets above $5.90, then something else is going on (but I would still expect a sizeable pullback).
Long story short, wait.
You will likely be able to get back in around the high $3's if not lower.
EDIT: do need to keep in mind that it's a WSB play so it could do crazy irrational things. Please don't take anything I say as a guarantee.