EL, Estee Lauder Cos. Inc. update

el june 2012 mel june 2012

Since our comments of March 5th earlier this year.this stock went right to the max and then dropped about 20%. It will drop quite a bit more! The very first EW target is at $40, which is where wave 5 , a diagonal (wedge), started and these should be retraced entirely. Beyond that $31 is the 62% retracement of the entire value of this stock at the peak (roughly $65). These are all normal levels but they can easily be exceeded. We all know the meaning of putting lipstick on a pig. Here it is a matter of keeping the pig behind the lipstick which, as any farmer will tell you,  is near impossible.