This run up from the lows is a perfect B-wave. Given the already existing large overlap there is virtually not a chance that this would morph into a 5wave 5th. Wave 2 needs some time to complete but once that is done the stock should resume its downward trajectory.
Pandora has tripled in the past 1/2 year. We have no idea how high it might go. We do know that there was a nice wedge going into the lows and that that drop has now been fully retraced. We are inclined to say thank you and move on.
The day after posting my last blog on NFLX arguing that the stock could not go much higher, it went up another $15.50, violating my arguments. We will look at it again in a few days.
Operating in the land of Dracula is not always easy, particularly not if you are planning to use cyanide leaching as the main method of extracting gold from the earth (gold attaches chemically to cyanide and then becomes soluble in water). Romania has not forgotten a large-scale disaster that occurred back in 2000 in the Carpathian mountains. Gabriele was supposed to become the largest gold mine in Europe. From here on it looks like this has become a purely political and/or legal matter. These things become binary and big swings in the perception of the outcome can and do occur. With that in mind this may actually be a buy at the present lows or below. If our count is anywhere near correct, the immediate range for this stock would be above 0 and below $1.90.