Having halved in value within a 12-month period, semiconductor manufacturer STMicroelectronics is consolidating into a Double-Bottom formation. A recent 5-wave impulse Elliott formation has seen price action find resistance at the second peak of the Double-Bottom formation at $13.50 approx. The 5-wave Elliott formation may complete with a usual a-b-c correction forming a Head & Shoulders pattern before resuming the Double-Bottom formation. A price target can be calculated by appending the distance from the trough lows to the resistance peaks projected beyond the peaks.
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