[CMG] update

At the backlink I had this model:




Instead of showing support at the 38.2, the chart fell through it, tested the 50 fib (which was my primary price target as you can see in the model above and was confirmed as being so in earlier charts as well) and then bumped up against the 38.2 fib from below.  Much about the next move of these shares will depend on whether this breaks out of the 38.2 fib or not.  I think there is a nonzero chance that the recent move down was corrective in nature.  Look at the triangle that bisects two waves of equal lengths.  That is typical a-b-c.  If this can break above the 38.2 fib I see the bulls as being back in control.  Shorts, cover if you see this happen.  However, if the 38.2 holds as resistance then this will likely break down the 50 fib and go much lower.