F, Ford update

See also 20 or so precious blogs. Here is today’s chart;

f oct 13 2012

Ford had a beautiful diagonal 5th of 5 that took the stock to below $1 while at the same time almost guaranteeing that it would rise back to about $10. It did and then some, all the way to the 4th of previous degree ($18) and then some ($19). Since you cannot get much lower than <$1 it is reasonable to assume that a new bull market started from that point on. The move to $19 would then be wave 1 up. The 2 year decline from there would be wave 2. Waves 2 can  and often do retrace much of wave 1, but a reasonable first guess would be about 60% for starters, which is around $7.80. Looking at the details;

f oct 13 2012 s

One more down move seems to be in the cards, how far is anyone’s guess but for the moment $7.80 seems just about right.