SRPT has run from the low of $23.65 on December 28th to the he high of $29.63 on January 4th. A normal retracement off such a run would typically pull SRPT back into the $26-$27.50 area. If this is setting up for an ABC-UP PATTERN; we would hope to see lighter volume on the pullback than on the run up. We ran up on 2.3 million and 1.5 million on the 3rd and 4th; and we are only pulling back on what will prorate to about 1 million shares today. Therefore, this looks very much like an ABC-UP in the making; meaning a B-Leg pull back into the $26-$27.50 area; followed by a high volume move higher into the $32.50-$34.50 area.
Best to Longs....Bud