Trading Idea - CHK (Elliott Wave Analysis)

CHK looks like it is starting the third impulse wave. After retracing towards the 0.382 level and going through the ABC correction waves, followed by the first impulse wave of the new cycle, it now looks prone to retrace to the 0.618 level (6$) short term if it closes above 5$ in the next few sessions. Possible return 22%+.