F, update

f aug 3 2013

In our last blog on Ford , in Oct. of 2012, we recommended F as a buy at about $7.80 (see previous blog).  We missed the boat by a fraction and now we are changing our count. Instead of being in wave 3 up we suspect the stock is still correcting the move up from below $1 to $19. The initial wave down to $8.70 or $8.56 would be wave a. The rise back up , where we are now, would be wave b. Wave c could start any moment and could reach that $7.80 level or even lower this time around. Sell now and see if it breaks down as it should. The and MACD are supporting this outlook.  Given this structure so far, a flat 3-3-5 would make the most sense which argues that the was at $8.70, not $8.56. For the moment, who cares?