I model a significant bottom to be in place today for FAZ. In the backlink I modeled that we were close but likely needed one more small wave down to complete. Instead, what I had modeled as a 4th morphed into a rising wedge to create wc4. This shows me that buyers are being a bit more aggressive than I thought. This is bullish IMO. In addition, I model the action since pink 4 to be 5 waves down that coincidentally is exactly the same size as pink 1. I'm not a big believer in coincidences so I will be watching this carefully bought a 1/3 position of this in the extended trade for $12.26 just now. Stops at $12.21.
Friday, February 20, 2015
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