GTAT update: Thanks AAPL… or was it in the charts already anyway?!

Well, it was in the charts already anyway… that’s where all your answers lie if you want to know what price will do next. A month ago I already pointed out what the preferred target zone would be, and I really hope that anybody who was long took profits in that area. Price hit it perfectly and has since reversed in a dramatic fashion, dropping 27% (!!!) in a matter of 2-3 days. Price also invalidated the possible options that the yellow b-wave up was a wave 1, since price has now traded below the beginning of yellow a. Hence, price is now in a c-wave. C-wave are vicious waves and you can see that clearly. I expect price to find ultimately support in the $8-$10 region: a 50-62% retrace of the entire five blue primary waves up, which is typical for a 2nd wave.

Given that price is now at the 38.2% retrace and way outside the lower bollinger band, we can first expect a bounce, IMHO.

GTAT update 09102014

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One thought on “GTAT update: Thanks AAPL… or was it in the charts already anyway?!

  1. Pingback: GTAT update 10/06/2014: total destruction. | Intelligent Investing

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