Back on December the 7th we pointed out that we were not particularly keen on the prospects of this stock, but did concede that it had the potential of going to $16.50 or so just to complete the counter-trend rally. It has done exactly that so there are no excuses to hold on to this stock. See previous blogs.
See previous blog. Now a month later we are almost there.
Or maybe we are done.
c
This stock was challenged in the recent meltdown. It is not clear what would happen if we got another one. What is clear is that it is about to complete a wave 2 rebound. This could be incorrect if the stock were to continue up. Not likely! So if the next wave down starts it should be soon and target at least $10 minimum. The mutual fund business just is not what it used to be.
The big chart is no different from when we recommended getting out right at the top. See alao previous blogs to get a better idea of how it is supposed to go down. Going to the short-term chart, we completed (arguable) a 5-wave first wave down in early October. Since then the stock has been working on tracing out a wave 2 a-b-c, shown here stylized with c=a. We do not need to go that far, just a tick above $27 will do the trick and even that is not necessarily required. Time to get out as wave 3 will decimate this stock