CCO update.

cco july 11 2016

In an earlier blog we tentatively suggested that this stock might be a buy at about $14. We just now noticed that it had traded at about $13,45 or so just a few days ago. So we took another look and even though we tweaked the count a little bit, it does look as though this may actually be the bottom you are looking for.

The whole descent from $80 or so is a double zig-zag, that is an A-B-C X A-B-C. What you are looking at is the second C that is most likely taking the form of a diagonal (the same construct that we encountered with ABX) which, if correct, should lead to a very violent retracement right back to $27. The red arrows stylize this concept. The is confirming something is up.

The 3 showing the end of wave 3 should be one notch to the left!