Friday, January 30, 2015

Crunch time for [CJES]

I began taking swipes at a CJES bottom yesterday in the low $9 range based on possibly having completed 5 waves down per this model.  Seems like I was on the right track because now it is trading at $10.47.  But was it a real bottom or is there more to go before the real bottom?  That is the question and the EW chart is about to respond to it.

Do not chase.  Wait for the pull back.  If it doesn't come then it doesn't come but odds are that it will come, perhaps as shown below.

The pullback will be wave 2.  2nd waves that occur after long trends tend to be deep vee.  Go by the 5-3-5 pullback count, and nothing else.  The 50 fib would be a nice retracement the 61.8 or higher is also common on a deep vee 2.


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