Friday, July 3, 2015

[CLF] update

In my first post ever on CLF I modeled the recent dip as a deep vee 2nd.  That model was broken early thurs and the intelligent trader trading the common would have gotten stopped out for a small loss.  Fortunately I was especially busy Thurs AM so I never had a chance to buy.  Not that it would have mattered, my stops would have been set very tight because of my EW model.

In any case the prior model is now broken and significant crap out bottom move is now likely to at least $3 and perhaps all the way down to meet the lower support rail at $.  Then it would become a screaming buy again from a technical perspective.  The eventual $30 bounce target doesn't change just because this is likely going lower in the near term.



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