C waves when they take the form of a wedge can retrace rather violently. We show this example as there are many stocks in more or les similar positions. This one did not hesitate, down 81% in one day!
Month: January 2013
XHB, Ishares HomeBuilders
See previous blog. We did not stop at 50% and are now approaching 61.8%. By now every investor/gambler knows that the housing market is rebounding, but is it?? Not according to these charts. 5down followed by and a-b-c rebound is not a recipe for further gains. This ETF should turn any moment.
RIM update
RIM hit $12.27, close enough to our target of $12+. This correction could become more complex but in any event it should trade up $4/$5.