On March 15 I.I. provided a free update on GPRO, what is normally reserved for premium-members only (!), stating it was a likely buy due to the bullish falling wedge pattern that had developed. See here. Well, that update was not a day too late, because since then price has increased already 37% and if we are to believe other analysts we can expect another ~50% increase. (see here).
Assessing the price action since that low, it looks like as if GRPO is trying to make 5 waves up off that low. Currently it appears that price is in wave iii of 5 of I, ideally targeting low $56ish. This is also around the daily R1 level and the 150d SMA: both are at $55.84. (Click chart to enlarge).
Last but not least I wanted to draw the weekly chart to your attention. All TIs are pointing up, which is good. But, what is especially noteworthy are the Bollinger bands which are tightening and thus foretelling a big move is coming. If we can get 5 waves up off the wave B/II low then the next big move is most likely going to be up. Either as a 3rd-wave or as a c-wave. Regardless it should be highly profitable.
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