This update has been a week in the making. Unfortunately it has been cut a little short for the time being. While short, the update does give a couple bits of information to think about.

Sirius XM Holdings (SIRI) Stock Chart Update

It has been said, it has been written, and so it has begun….

If you’ve read any of my previous articles for Sirius XM Holdings (SIRI), you are aware that after a long hiatus I finally turned bullish again on its share price. The final convincing was a successful re-test of its $4.20 breakout area. That re-test came after a “rumor” floated out that SIRI may purchase Pandora (P), the music streaming service.

And with those rumors in the rear view mirror, SIRI’s share price exploded and has since reached a high of $5.53, which fell right into a price target range I set for SIRI a couple of articles back. Let’s check in on the progress of its uptrend/

Sirius XM Holdings (SIRI) – 10 Year Chart

On a previous quick hits update that included Sirius XM Holdings (SIRI), I was asked by a Trendy Stock Charts member how long I thought it was going to take until a certain price target was met for SIRI. I gave a very conservative answer. I always feel its better to under-promise and over-deliver.

On this next 10 year monthly candlestick chart, I placed 2 different Fibonacci Extension Tools. Let’s focus on the black one at first. The black Fibonacci Extension Tool allows us to develop at least some general expectations as to when some of the identified price targets may be met.

Analyzing a 10 Year Monthly Candlestick Chart Using Fibonacci Extension Tools

The time between Anchor Point #1 and Anchor Point #2 of the black Fibonacci Extension Tool is approximately 5 years.[s2If !current_user_can(access_s2member_level1)]….

If you want to continue reading this article for Sirius XM Holdings (SIRI), you must first login. I look at some pullback areas to begin building a position in the stock as well as review some of my previous upside price targets for both the shorter and longer-term.

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)] Reaching the next target, whether that target is the 100% or the 161.8% Target Line, can be approximated with the same time frame. After all, Elliott waves follow symmetry.

Starting with the time after Anchor Point #3, SIRI’s share price is about 3 years in towards its target of either the 100% or the 161.8% Target Line. That leaves approximately 2 years for a $7.11 or a $9.66 price target. This is still something that needs to be monitored long-term as its chart progresses.

Using the distance between Anchor Points #1 and #2 from a Fibonacci Extension Tool to estimate the amount of time to reach either the 100% or the 161.8% Target Line is a method that can be used on any chart length – 5 minute candlesticks, daily, weekly or even monthly candlestick charts. When the share price does not meet expectations from a time perspective, you need to look at other wave patterns that are probably developing instead of the expected Impulse wave pattern.

While seeing selling pressure the last few days, SIRI’s monthly chart still looks good with long-term buying momentum still increasing. The MACD Histogram is still trending upwards, a bullish sign. Let’s bring it down shorter-term and see what’s going on.

SIRI – Uptrend, Check

This is a 3 year weekly chart for SIRI. The thing that catches my eye is the nice Bullish Impulse wave pattern that took SIRI’s share price from the black 38.2% Target Line to the 61.8% Target Line. Those are the target lines from the long-term Fibonacci Extension Tool.

Analyzing a 3 Year Weekly Chart Using Fibonacci Extension Tools to Calculate Upside Price Targets

After reaching the black 61.8% Target Line, SIRI’s share price has pulled back. SIRI’s share price should find support around the $5 level in the event of a continued pullback. $4.75 looks to be the possible low of the current pullback with the $5 area being more probable as support.

Sirius XM Holdings (SIRI) – Summary

Time to wrap up this Sirius XM Holdings (SIRI) stock chart review. Look to purchase any pullbacks for SIRI around the $5 or a break below, possibly as low as the $4.75 area. All newly purchased shares should be held onto until a new 52 week high is made for the share price. That is shorter-term.

Longer-term, we have 2 more years to talk about one of 2 price targets identified above. The Bullish Impulse Wave that I talked about on the second chart helps to convince me that the move towards at least the black 100% Target Line is in play. With SIRI being over $5 now, I definitely don’t discount the 161.8% Target Line, or the $9.66 price target either.

In the meantime, use the distance between Anchor Points #1 and #2 from a Fibonacci Extension Tool to estimate the amount of time to reach either the 100% or the 161.8% Target Line. Start from Anchor Point #3 and add the estimated time to develop expectations. This is just one way to look at time in an uptrend. This is a tip that I will get updated the Fibonacci Extension Tool page soon.

Ask away with any questions.

Good luck trading!