Pretty well to the dollar. Now down by about $15 and has clearly broken out of the channel. There is a lot more to come, see previous blog.

Since our comments of March 5th earlier this year.this stock went right to the max and then dropped about 20%. It will drop quite a bit more! The very first EW target is at $40, which is where wave 5 , a diagonal (wedge), started and these should be retraced entirely. Beyond that $31 is the 62% retracement of the entire value of this stock at the peak (roughly $65). These are all normal levels but they can easily be exceeded. We all know the meaning of putting lipstick on a pig. Here it is a matter of keeping the pig behind the lipstick which, as any hog farmer will tell you,  is near impossible.

This stock has traded at a high of $60.365 but the charts suggest it might go a little higher. The charts and the price targets of 18 brokers suggest maybe $65 is in the cards. By the way not a single broker is suggesting a sell. If one considers that those lucky enough to own this stock, have a six bagger for sure one can only wonder what the adage buy low, sell high  means in practice. In our opinion it means now or hold on with a very tight stop.

    There are a few very good reasons to sell. The upper trend line is at about $65. At $65 waves 1 and 5 are equal. $62 is a nice round Fibo #. A thrust from the present, minor wave 4 triangle, would target about $63. The RSI and MACD are both already heading down. Last but not least, the analysts that are always excellent prognosticators are calling for $63.56, not a single one out of 18 has a sell, it does not seem to be part of their DNA