BBRY update 1: shares break out of long standing downtrend.

Just two days ago I posted that BBRY shares were ready to accumulate.  In that post I correctly put these shares on breakout watch.  Here is a link directly to the chart.  As you can see from the chart below, it broke out today in dramatic fashion.  This is wave 3 of  1 up from a very long spell of getting smashed down mercilessly.  Smart players - the pros - have been alerted to this by their computers.  Now they will be watching for a 4-7% pullback to buy into.

While this could be another false breakout leading to a lower low, the odds are very high that a bottom is in simply because the chart on this one is fairly clear.  The herd has written this one off so there is no attempt to be tricky or to zig zag all over the place in order to obfuscate the wave count like there has been with metals.

Another thing: I'm still looking for a top in the major indices.  I think they are running out of steam and that the hot money in these cases goes looking for more Ponzi Pump Possibilities in the weaker players.  Nothing else could account for sudden strength in total crap companies like DRYS.  That hot money has now awakened to BBRY.  Everyone sees the 13% rise in share price that is happening today and the thought of making a quick buck will bring in the momentum boys.  They are not buying because they have conviction about the company.  They aren't even buying because of the strong cash position.  They are buying because the herd has decided that it's time to head north for awhile.

My minimum target for BBRY is the level of the prior 4th wave ($16) and it should happen pretty quickly.