Last time KCS more than doubled (from ~$3 to ~$7) it retraced just below 0.382 fib.
Will it perform similarly again?
I think that, since it has held closer to the most recent high over the past few days, we won't see it fall back as far as it did last time, but maybe still end up close to the .5 region at its lowest.
MacD is also approaching a bearish cross much faster than the previous run up, which leads me to believe we will not see such a dramatic retracement. Still, be prepared for some sideways action before the next big move.
Good luck and happy trading!
Will it perform similarly again?
I think that, since it has held closer to the most recent high over the past few days, we won't see it fall back as far as it did last time, but maybe still end up close to the .5 region at its lowest.
MacD is also approaching a bearish cross much faster than the previous run up, which leads me to believe we will not see such a dramatic retracement. Still, be prepared for some sideways action before the next big move.
Good luck and happy trading!
Comment:
Maybe a little more dramatic than previously thought. I suspect we will still see a good degree of distribution over the weekend.