In the backlink I was modeling a pullback to the $8.25 range before a reversal back upward. Below is what happened since then. We now have a pullback to about the level of the prior 4th in which wave C is 1.61 x the length of A. So I loaded up @$8.17 with stops at $8.15. If this model is correct we should see a rapid move up over the next few days that involves serious percentage moves given the low relative price this is trading at. If this level does not hold then the next opportunity for support is $8.02. If that does not hold then the 70.7 fib @ 7.76 would be the next support level and if that cannot hold then we could be looking at a deep vee 2nd OR a move to a lower low. So the current area of $7.75 - $8 really needs to hold or I will step back and not fight the ticker on this. The question will likely be settled today.
Monday, July 27, 2015
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