QuantitativeExhaustion

Name Your Price! Double Top or Bearish Wolf Wave.

NASDAQ:PCLN   None
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Biggest Gainer over the past 12 years. Priceline.com one of the few companies to make it out of the .com bubble.

Chart suggest we have a possible double top forming or a bearish wolfe wave . To proceed with the double top PCLN will have to take out the 1.618 fib resistance. If price fails to break 1.618, at $729, you will see a quick drop to the .786 fib support. Price could take another turn and full fill the Wolfe wave pattern and head to 554. -or- PCLN can regain strength and attack the 780 double peak later this year.

Right now I see the retest of the .786 fib around 664-677 (small red box inside the wolfe wave ) as most probable. This would also set up a strong neckline and reaffirm an overall double top and possible head and shoulder within a wave 5 pattern.

I took the time to go through the chart and pick apart the wave count.

Comments

Nice Lines JR!
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Wolfe Wave / Extended Ascending Triangle-Wedge
With Pitchfork Fib Support/Resistance
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