ABB, Asea Brown Boveri

ABB march 2013

See previous blogs. We got this one right most of the time except that we thought wave 2 was complete at the first time the stock hit $22. Of course things took longer and that appears to be just the wave a part or a wave 4 of 1. Either way it now looks complete so it is time to exit.

The only bullish count that might fit this chart is that of a very large triangle. That would also require a move down in wave e. The likelihood of such a  count being correct is on a par with war breaking out between Sweden and Switzerland.