ACQ is fast becoming an interesting stock. We are very tentative on this one but , provided stops are used properly, this is a buy. We will elaborate at a later point in time.

The then, Jan 30, 2015 and now charts as usual;

As you can see, and I do confess that there are more blogs that you may wish to look at, we were a tad on the early side on this stock but by selling at that time you would have lost an opportunity to make , perhaps 10 or 20 dollars more, but you may have saved yourself 40 or 50 dollars as well. In any event this is a double zig-zag. All corrections are essentially A-B-C which is often a zig-zag if it is straight down. Then the whole process repeats, sometimes even twice. That is how you get the double or triple zig-zag. There are never more than three!

So, for the moment at least , it looks like $10 might be the next target. Keep your eye on the RSI.

Sorry, but my graphic designer is away on vacation.

We were lucky not to have bought this stock back yet, so we missed the 21% drop. This could, however, still be that b-wave in a more complex upward bounce, but we are leaning towards the possibility of this being a large A-B-C down correction which would normally call for a drop to where C=A around $25. This corresponds roughly with where the lower channel line is running . In this scenario we are presently in wave 3 of 5 of C.

We would sell right here at $51.34 at market. You are up 60-70% and at this stage the risk /reward odds favour a pull-back to $45 as a minimum but $42 or so is more likely. The RSI is getting up there and this has been quite a move for just three weeks.