Friday, October 29, 2010

QCOR Breaks Out From A Triangle

QCOR broke out from a 4th wave triangle today as its earnings report and guidance exceeded expectations. However, the triangle price objective was also met today so it's not clear whether a correction will follow next week or whether the amount of time spent consolidating in the triangle will allow for additional upside.

Currently, the wave count would have QCOR completing either wave ((3)) or wave (1) of ((3)). The latter would obviously be a more bullish count, but another correction to the $10 zone is possible. My long term target is $17.50 using the more conservative count.

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