Last time we suggested that Ford had done as much as one could reasonable expect, which simple means that you go either neutral or short. We were a little early as the stock managed to make a marginally, very marginally in fact, higher high a month and a half later. Adjusting the count accordingly we put the TOP at the latest high. From there we have either completed a wave one down followed by a wave 2 correction of about 60%. Alternatively wave one is not even complete (there is no overlap so that possibility remains open ) and we are now in an incomplete wave 5 of 1. Either way the stock should trade down to the $7 level or so.