Game plan here is to watch price action. If GRPN closes above the horizontal neckline expect higher price and first target to be met much earlier. If GRPN hits 5.00 or falls below, consider it a gift. Plan of action is to buy May 6.00 calls if prices reach 5.00 or below before end of the month. This is a simple long call. If prices breach and close above 5.50 then I will consider other options.
I also added a few clones, fib fan and Fibonacci extensions for possible resistances in the near term and future.
Horizontal neckline from top of inverted head breakout measures 2.89, and extends to 8. 40 if prices closes above 5.49 neckline resistance later this week. Descending neckline upper channel resistance from top of inverted head breakout measures 5. 05 , and extends to 10.80 when channel resistance is broken.
May 13th are GRPN's . Probably looking for another event catalyst that's going to bring GRPN to higher prices. Perhaps a partenership with Facebook? Who knows, but the chart suggest wait for a pullback and buy on the dip.
**Another caveat is the Fed meeting this week. If the market tumbles all long position bets are off.