CHKP broke today from a multiyear base. It is not often that we see clean rectangle bases of this length. Personally, I will be looking to enter on a pullback to 28.00 with an initial target of 38. The next targets would be the fib retracement levels to the 2000 high. However, I expect it will take some time, perhaps a year to reach the 61.8% RT level, but given the length of the base it is likely to be hit.
2 comments:
Yesterday it looked to me like JJC had made a 5th of a 5th wave & short one at that. I thought that it would lead the mkt for a bit allowing for another NH in the stk mkt. However, if it was a 5 of 5, it appears to be coincident instead of leading.
I was hoping for a JJC island top today as a clear signal.
It's interesting how many 50E's are also in the vcinity of the June highs.
Regards,
dave
It is still possible that the JJC is leading. Yesterday's action may be wave v of 3, which leaves 4 and 5 to come.
This makes some sense to me, as the JJC might peak in wave 5 ahead the stock market in September by a about two weeks, just as it bottomed about two weeks ahead in June ahead the July low in stocks.
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