[JCP] ready for a breather (2nd wave down)

Today's post is just follow through from the last JCP post wherein I modeled wave 1 up off the bottom as being complete.  Now up against resistance, the shares have to fall back and catch their breath and give short sellers who were getting worried some hope.  But this, I think, will just be coiling the spring.  There is too much negativity for the time being on JCP and when everyone is piled onto the same side of the ship it leans that way.  When fear of capsizing grips the herd it will, in near unison, move to the other side of the ship.

It will take the power of a 3rd wave to break out of that down sloping resistance line which means the shares need to pull back so that buyers can buy the dip.  Then it will come ramming up at that resistance line from below in a 3rd wave of momentum that will likely be unstoppable by the short sellers.  The shorts will lock in profits and in so doing they will become buyers.

Again, all of this is just short term modeling of the chart.  In the long run I think JCP goes BK as it really adds nothing new to our economy.  It is a retail relic that never modernized itself.  Those at the top just took no risks and cashed in on undeserved salaries and stock options while they pissed the company away.  Con men, idiots and buffoons, all.