MCP; no take off (yet?) either, but still looks impulsive to the upside IMHO

MCP didn’t take off as much as I hoped for last week either… Again, it’s hard to foresee and anticipate every move. Nevertheless, I do think the move off the ATL @ $4.51 to $5.24 counts best as 5-waves up. Right now price has retraced into the 61.8-76.4% area, which is not uncommon for  a 2nd wave. Let’s see how price behaves from here. Move below the ATL and I counted wrong, strong move up and we’re in a 3rd wave, which should be highly profitable and target $6 area.

mcp update 12082013


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