Hard to believe but here it is. Wave e does not have to reach the trend line and it may exceed it provided it does not go beyond the low of wave c. We struggle to believe the implications but there can be little question that this could indeed be a triangle.
If there is a triangle. this should pretty well do it. It is still a big if but if it is there it is there. This is the time when either Yellen or Draghi usually do their deus ex machina, maybe they will do it together.
Gopro makes those little cameras that you wear when you engage in extreme sports. They are really neat and fun for things like sky diving, mountain climbing and other things that require your hands to be free. The camera remote controlled or has a fixed setting. It is essentially a video recorder.
The IPO was in June at $24, way too low but for that reason, oddly, a roaring success. If somehow you are well connected and got an allocation, you quickly quadrupled your money as the stock did its Mount Everest climb to near $100, with or without camera.
Due to the lack of a full cycle it is only possible to guess what the wave count should be. The last five dollar drop is blamed on Apple obtaining a patent that would allow it to enter this line of business. That does not explain the previous drop of about 45% and is probable another case of “after this, therefore because of this” logic. In any event the stock comes out of lock-up on Feb. 17 at which time all the lucky insiders get to take profit if they want to. That is still a month away. In the mean time things will get a lot clearer if overlap occurs. Any break of the present lows would negate the possibility that the recent 50% drop is a 4th wave and would allow for lower values. However if the low holds it is still possible that a 5th wave would take the stock to a new high. It would need to rise above $65 to give any confidence to this 5th wave scenario. For the moment the RSI and MACD seem to suggest at least some bounce.
Alternatively the move to $100 could be all of wave 1, the drop to $49 wave 2 and we are ready for take-off. At $200 to $500 maybe not.
This stock has part of its origins in Jump TV, a stock that I am also not familiar with. In any event it hit a low of roughly 15 cents back in July of 2013. It is consequently reasonable to assume that some first wave started at that point. There are 3 simple things that must be taken into consideration when trying to get to an EW count. 1. Structure, you need 5 waves up or 3 down. Here it must ,of necessity, be up. Typically the wave 3 sits somewhere in the middle all though that is not always true. Simple, for starters, assume that it is. Here we show in green where the middle appears to be and than simple go equal distances from there. 2. Channel. Nearly always the whole thing channels well. Here shown in purple. 3. Extensions. This is often ignored but nearly always there is an extended wave, that is it is abnormally long. Often it is the 3 of 3 but in commodities it is frequently the 5th. This company is a mini Netflix and, arguable, not commodity related. Nevertheless it looks like wave 5, more precisely 5 of 5 is going to extend.
If you do all that then a slightly higher high is still a possibility. A rough guesstimate would be about $1.53. If it is worth sticking around is a different matter.