[GILD] update [free]

In my first post ever on Gilead Sciences I went head to head against Sam Collins, a well known Wall Street trader and OptionZone.com's chief technical analyst.  It was not the first time I called him out publicly and won.  Sam seems like a nice guy so it's not personal.  But when I see these pundits strutting around with bios on NASDAQ.com and other pulpits of punditry I simply must say something when their advice violates the Elliott wave principle because I am pretty darned sure who is going to win and who is going to lose in that kind of a showdown.

Here is the chart I presented:


Here is actual to date.  I did call the true motive peak but everything since looks corrective 3-3-5 (expanded flat) in nature and so I'm officially rescinding my mania chart call because I no longer have the Elliott wave evidence to back that viewpoint.  But those who sold based on my model saved themselves a walk back of more than $30.  If this puts in a lower low than the recent low then the odds of a much deeper retracement - to $60 - is opened up.  But for now I would not be short on this ticker.