AuthenticTrader
Long

VG - Want some more? - Correction Over! Long!

NYSE:VG   VONAGE HLDGS CORPORATION
Pulled back just like we thought, and has just completed the 3rd leg a Elliot wave A-B-C corrective wave. Also is wave 4 of the bigger wave. We have piercing pattern candle completed too, with a bullish confirming candle.

Elliot says wave 4 cannot retrace into the high of wave one, so if our count is correct, we have a nice tight stop of $.15 to $.20 and we can reevaluate.

People complain about this stock, but IMO it is acting just like it should according to both Elliot wave and XABCD/Harmonic and fib traders.
Trade active: Late Last week, price moved down below the termination point of wave 1. This breaks an Elliot rule - wave 4 cannot go into wave 1's territory. So the count posted with this idea is wrong.

When that happens, you have to count again, and see if something else sticks out, or that has been revealed now that a rule has been broken. Below is my alternate count. I still beleive price is headed back up, and that we saw it complete a correction move wave 2 of larger degree and are beginning wave 3 back up. Here's the count -

Comment: Just added more @$6.28 On chart below I have drawn in a "near bat" that converges with a almost perfect AB=CD. Additionally, Stochastic has crosses in the harmonic area, and now is positive.

Finally, there is short term support and a bullish engulfing has just completed. I think we are going back up. Despite the moans and groans of "tip watchers"

Scott Carney - "we take our signals from the market" Steve Nison - "we can't predict what the market will do, we can only act on what the market is telling us."
Comment: Forget the screen shot:

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