See previous blogs. We got this one right most of the time except that we thought wave 2 was complete at the first time the stock hit $22. Of course things took longer and that appears to be just the wave a part or a wave 4 of 1. Either way it now looks complete so it is time to exit.

The only bullish count that might fit this chart is that of a very large triangle. That would also require a move down in wave e. The likelihood of such a  count being correct is on a par with war breaking out between Sweden and Switzerland.

See previous blog. This one is doing as expected. The target should be around $21/$22. If you are anxious to get out , take your 10% modest profit and run

We hit the nail on the head with this one (see previous blogs). The question today is where are we in the bigger scheme of things? The drop from the top of a large B-wave appears to be 5-waves. Normally, if there is such a thing nowadays, 5-waves define the direction of the main trend – in this case down – and completes the first leg (wave 1) which should then be retraced (wave 2). Typically waves 2 retrace a good part of wave 1 (62% or more) and go at least to the level of wave 4 of previous degree. Furthermore, this should take about 1/2 the time it took to go down!  Therefore, even though wave a could be all of wave 2, it is after all a three-wave structure, it is highly unlikely to be complete as neither the distance or the time criterion have been met. Add to that that wave b is also a three wave structure, it is reasonable to assume that we are in a wave c, which must be a 5-wave structure and can easily reach the $21/$22 level or even higher. After that the outlook remains decidedly bearish!

Then was the 17th of June, close to where the top was. The range has been from $27.58 to $15.89, a little more than 42%. For the time being it found a little support at the b-wave level of the larger B-wave. This will not last and the stock should start going down again soon.