On a log-scale Ford is a little easier to count. We should reach $6.50, roughly, before wave 4 takes us sideways for a while. For those that are a little nervous, selling above $6 might not be a bad idea.
Month: April 2009
V Visa April 29 (for my broker)
Visa is not carrying the credit risk for the accounts, all it does is administer the transactions. I do not like the stock despite that, simple because I think it is in the latter stages of a “wedge†which has almost retraced 62% of the last down-leg from about $77. It is too late to go long and perhaps too early to short, but that opportunity is just around the corner.
FNX April 28
Above is FNX as of Jan 2/6, one of the first stocks I put on this website. Today it looks like this;
The close today is about $5.38 and the high was about $6.40, either way more than the 30% scoring hurdle. I would exit the position as it could have completed a simple a-b-c, which does not necessarily mean that it goes to new lows but could mean that it pulls back half-way.
F Update, April 28
Here is an update on Ford. This is a schematic picture how Ford may move up over the next few months. Obviously I have no illusions that it will follow the script precisely, nevertheless if the underlying proposition is ,more or less, correct this what one might expect. RSI and MACD are already high but may stay after a pause. The gap is often in the middle which points towards the $9.75 POTENTIAL target. Presently there are 7 discernable waves within wave 3, this cannot be the end of the move. Every bull wave must have 5 + (a multiple of 4) so the next stopping point should call for at least 2 more legs before 3 is done and then there still is 4 and 5 to go. Of course we have already done a 30% gain (just for the record). Below is the “big†picture.
