CCO to $23 ??

CCO mar 16 2011

A few days ago I mentioned that CCO might trade down to $23 if the gap in the middle were  to be applied. I cannot get all of this drop on the chart, but the way it works is that you typically get equal number of waves on both sides of the gap as the gap itself is more often than not wave 3 of 3. Doing that we get something like the above. At $23 the stock should be a buy, if only temporarily. By that time it will have dropped  (42-23=19) $19 and should then have a rebound of at least $5  (or 20%). Put your order in now, as if it does get there you will not!