GOGO update: failure to be able to rally forces to re-assess the preferred count

GOGO had it going there, with an almost break out, but simple failed to follow through and now also lost the $17.75 support. Recent price action is therefore bearish and none of the technical indicators suggest a turn around soon… instead they want to see lower lows… Thus, per the “anticipate, monitor, adjust” I have to present the more and more plausible count, that we’ve only seen 3 waves up off the may 9 low: wave a to $19.80, wave b down to $14.00 and now wave c up to $19.50. Both wave-a and  wave-c were 5 waves, thus we’re likely dealing with a 5-3-5 correction. This means that GOGO eventually will break below the May 9 low of $11.66. So yes, it had all the potential and setup to go to $27 from a normal perspective, but it seems as if the market changed plans. Those I can’t foresee, but we can monitor and adjust. Also, my wave-degree labeling is likely one degree too high, meaning that the yellow a, b, and c should be red (intermediate degree) to complete major b. And that the red intermediate i,ii,iii,iv,v should be green minor waves. Blue B? is then a yellow (major) b.

GOGO update 09302014


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