PCLN, Priceline update

pcln feb 21 2014 b

At $1000 this looked pretty well done, clearly not so. According to the Fed. this must be one of those stocks that is not overvalued, just trading where it should. In EW terms things look differently. Wave 5 is now about equal to wave 3 (or wave 1 and 3 combined). With the exception of commodities this is often as good as it gets. The high today was 1333 where it trades at a p/e of 37x. The RSI and MACD both suggest a reversal is right around the corner. First target is $600.