Current snapshot below. As you can see, the model played out nicely so far and CLB is up nearly 20% from that last post. We do have to be careful at this point, however, because we do not yet have 5 waves up. The January bottom was clearly A bottom but nobody knows for sure if it was THE bottom.
CLB is either working on a 3rd wave or it is working on the C wave of a flat correction. Either way we should begin to see a pullback soon to the $113 area. This might hit $124 before that pullback begins. It is also possible that this morphs and extends into a 3rd of 3rd situation. A safe play would be to sell here at $119 and then buy back if it goes higher than today's high but to remain vigilant for the possibility that that this whole move up from late January could end up being corrective. That is not to say sell and go away because my primary model is currently that CLB is now forming wave 3 up. This is the time to be bullish unless the chart suffers a significant breakdown. For those who do not sell speculatively (which is what I would do at $119 per above), below $108 is where I would bail out and play wait and see. That, IMO, would not be a speculative sale but rather a huge technical risk to continue holding.
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