Saturday, September 25, 2010

PCLN Goes Parabolic

PCLN has nearly doubled in price since June in what may be wave (5) of [3] as PCLN has retraced over 1/3 of its all time high of $990 at the 2000 top. Typically these kinds of price moves are completely retraced, and the targets are the 8/3 close to fill the gap at 230.67 and the June low at 173.32. Note the negative divergences on the daily chart. But the intraday chart suggests PCLN may continue up to at least 350 before the move is complete.

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