Painful decline from the multi-year highs in 2015.
FTR is showing a very clear 5 waves down from 2015 for a wave A, signaling a ZigZag completion.
Looks like that's what it's giving up with an Expanded Flat B wave and into an Ending Diagonal C wave.
The Ending Diag should have 5 waves of 3 in each leg and that's exactly what there appears to be. Color coded of course.
The bad news for 2017 is that only one of the legs in wave 5 of C is showing, and it's incomplete as of early Feb.
So one more down move in the Blue Rectangle accompanied by divergence in any oscillator and it would be all balanced out from the 2015 highs and within the wave C down structure.
Long entry for new positions would be near that 2.80 level (sheesh that's low). Maybe coming in late March to early May 2017.
Target is back just under to fill that monster gap near 6.71.
So just keep farming the dividend through perhaps mid-late 2018 if you're stuck long, and then take the money and run when it rallies back over $6.
FTR is showing a very clear 5 waves down from 2015 for a wave A, signaling a ZigZag completion.
Looks like that's what it's giving up with an Expanded Flat B wave and into an Ending Diagonal C wave.
The Ending Diag should have 5 waves of 3 in each leg and that's exactly what there appears to be. Color coded of course.
The bad news for 2017 is that only one of the legs in wave 5 of C is showing, and it's incomplete as of early Feb.
So one more down move in the Blue Rectangle accompanied by divergence in any oscillator and it would be all balanced out from the 2015 highs and within the wave C down structure.
Long entry for new positions would be near that 2.80 level (sheesh that's low). Maybe coming in late March to early May 2017.
Target is back just under to fill that monster gap near 6.71.
So just keep farming the dividend through perhaps mid-late 2018 if you're stuck long, and then take the money and run when it rallies back over $6.