We were wrong in expecting this stock to drop straight to about $70. It did not. The error stems in part from the fact that the 4th wave in wave 1 down is barely visible, reason to believe that we were in wave 4 of one and not wave 2. So half a year has gone by and here we are and now it looks like we could start dropping soon again. Wave c of 2 is presently in a minor triangle so a quick little burst up of a few dollars is still possible but in the big scheme of things the next move should be down, down a lot.

That was good for 9.40% in a single day, a day which saw the markets generally up 2 to 4%. And it did it on pretty high volume. First stop should be around $70 (see previous blogs).

This one went at least $15 or more above what looked like a top back in January, but today it is $20 below that peak and dropping. Selling gym shoes at $325 or so is a great business if there are takers. Apparently that is the question that seems to have been answered today in the negative. The beauty of momentum stocks is that  once the momentum stops there is nothing left, very much like the greater fool expectation. Look for a lot lower.

See previous blog. Now a month later we are almost there.

Or maybe we are done.