As we wrote last week, we dipped a tiny toe into the market while repeating our mantra: if this doesn’t work we’ll run for it. Well, we did run for it.
This in spite of technical tools which point to higher prices. If we ran a rule-of-seven analysis (http://www.edwards-magee.com/ggu/ruleofseven.pdf/) on this wave we would get target prices of 2921 and 3112.
Not only that, the PnF analysis has a target of 2809. These may very well be accurate it’s just that we didn’t want to get seasick from volatility.