WFC update

wfc oct 15 2015

Exactly a month ago we decided that there was no triangle in the making, see previous blogs. Today we are not that sure as a triangle as shown would fit very well. It would target the $45 level from where the diagonal started and would form a nice initial 5 waves down. We have drawn the triangle rather bluntly, assuming for the moment that wave d is not yet complete. Under  this assumption there is still some time left before the 5th wave drops the stock to about $45. But if one assumes that d is already complete and we are polishing off e, the whole thing could drop any moment now. Both JP Morgan and Goldman had so so earnings and this may become contagious. A sell here for a buy back at $45 or so.