Remember this chart? It's looking like my Orange target is not going to get hit since it's taking a little longer than initially expected, but the Purple target is looking better every day. If you look back to October of 2012, you can see the last time MACD rising support was broken and the decline that followed. Fast forward ahead one year and we are seeing the same type of situation. MACD broke down and is now hooking lower. We could see a similar extension as the wave-3 of this C.
I am keeping my original heavy buy target of $15 even though the labeled target is ~$13.67. I am also spreading a few buys lower down to $10 (just in case) I don't want to be too greedy ;)
Comments
bunderson
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Some great work there, I agree your second target could well be hit.