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 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.
The usual then – Nov 19, 2012 - and now charts;
That, by the way, is a 20% move. There is alternation between waves 2 and 4 and consequently we are now in wave 5 down with a probable target of about $18 where it would, presumable, be a buy for at least a bounce back to $23, give or take.
The stock has gone to the top of the b-wave on the way down (see previous blogs) and has done so in a plausible corrective manner, an a-b-c with a nice wedge in the c position. It may yet get to $33.45 but it is hardly worth waiting for. A sell.