Chart of the day

MSFT is testing the possible fifth wave long-term and a channel resistance 410 and this could be a turning or the extension point. A break above this resistance will lead to an extension higher to possibly 450.

Only a clear confirmed break below 380 and a rising wedge support is now required to invalidate the long-term upside extension and lead us to the that the fifth wave is not over yet. A confirmed break above the 420 level will mean a new extension higher in the long-term fifth wave.

Short-term short trades could be opened here with a stop loss above 420 with a higher probability of success. Long MSFT trades should be opened only upon a confirmed break above 420 If you are a conservative trader you should wait for a break below 380 to go short. You can trade this with the options as well.