Back on Oct. 6 we commented that we were fundamentally bullish on this stock but were not sure about the count. $23 was mentioned as a “critical” level . Here is that chart;
The stock has obliged so far, moving up a lot faster than expected but otherwise following the script. Here is today’s chart;
The problem is that the move from $13 to $23 is pretty well a clean a-b-c, in other words corrective. This could still become a 5-wave move over time , but right now it does not look as if it will. Stepping aside or using a tight stop is advisable. By the way , even if this becomes a 5-wave initial bull wave, you will probable revisit the $23 to $19 range in any case!