We look at stocks randomly, or because they are in the news or something else attracts our attention. It is therefore pure coincidence if we happen to look at it at the time it makes an exact extreme. Furthermore, if we comment that “this stock is going down a lot further” do not wait for this service to tell you when we are there. There are simple too many stocks to allow for ongoing surveillance.
We had a sell on this one at about $53 (see previous blogs). It went to about $31 and we hope that you bought back if you were short after a profit of say 30% or so. A year has gone by and the stock has again done an a-b-c up and about to reach the line connecting the tops. If you look closely you will also notice that the pattern in 2008 to2010 is repeated on a smaller scale in 2011 and 2012. At about $53 it will reach that line again (if it does) and then it should resume the downward trek.
If , for some reason, you SEE a huge triangle here – which would be bullish ultimately – you would still get out as wave e is still required and should take the stock down about $10+