First Majestic is still wading through the turquoise zone between $12.36 and $6.89 to finish wave 2 in turquoise. To achieve this, the course still has got some room for maneuver – at least until the bottom of the turquoise zone. However, it also might have already completed the current movement, thus continuing the ascent. As soon as that is the case, we expect First Majestic to climb out of the turquoise zone, heading for the resistance at $19.41. There is a 45% chance, though, that the course could drop out of the turquoise zone and slip below the support at $5.30. Should this indeed happen, the share should develop a new low in the form of wave alt.2 in green near $2.91.
