Slightly more than two years ago this stock looked like it was ripe for a fall from about $24. It did, losing about 1/3 of it’s value but then restarted the trek upwards. It did not follow the script shown in green. No doubt a little well timed Fed QEeeing did the trick and pushed the stock to new, all time, highs. Even so the structure has not changed, it is still a “flat” A-B-C, 3-3-5. In fact, it is now more appropriately a flat. Next big move should be down to about $7. Perhaps the housing market is not as hot as it is made out to be, we will see. Below is WFT, it did all of the above and then some, trading at 38x p/e. Clearly this stock is is ahead of itself. See previous blogs.
