[$COMPX] update

Here is the backlink to Thursday's update and as you can see from the snapshot of Friday's action below, the model looks good so far.  In the back link, a pink rectangle was used to show the likely limit of the bounce that would result in blue 2.  In actuality, blue 2 peaked just shy of the mid point of that window.

The pink rectangle in this update is intended to show where I think blue 3 should bottom at.  In other words, the confidence goes way up if blue 3 takes out both the upper and lower rails all within a single 3rd wave.  Its just what we should expect from a 3rd at this point.  Of course it could extend and go down even further but this is the minimum that I expect it to fall before catching a bid.  Of course, that is after a small AM uptick into wave olive 4 as shown on the chart.  I actually think olive 3 finished Friday, I was just a bit lazy about drawing the above chart.  So I expect a small rally at the open and then AM reversal downward to once again punish the buy the dippers.  IF this does not happen, that is, if heavy selling doesn't show up sometime tomorrow then I will begin to wonder about this count because if all of this is part of a 3rd wave then it should not dally.  It should break the lower rail with conviction and then perhaps back test it from below into blue 4.

One thing to note here: Friday's selling was low enough that it could not represent a 4th wave pullback, so there is one less variable to not have to worry about.