landofand
Long

JCP - Riding the Bull to mid $11

NYSE:JCP   PENNEY J C INC
Another beautiful little Fib setup. if you measure the distance of AB, that distance will equal what I drew as CD. This is what you are looking for. The level here at D ($11.30-$11.40) is also the 50% rertracement from the drop at the end of last year.

I always like to use the 1.618 extension , however, JCP             retraced to the 50% level (not the 38.2% level) in this case.
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