DAILY CHART: SRPT has been in an UPTREND CHANNEL since about mid-January. Of course, it always takes a while for a channel to become recognizable; but in retrospect, that is when it started. On March 14th, SRPT finished the C-Leg of an ABC Pattern and hit the upper trend line of its channel with almost 4.2 million shares, and then DOUBLE-TOPPED on only 2.1 million shares on March 19th. (ALL TOPPING SIGNALS) It should now pull back to between $31 and $32; IF IT CAN STAY IN ITS CHANNEL.
WEEKLY CHART: Finished a 1.618 Fibonacci Expansion C-Leg ABC (Very stretched) at WEEKLY MID-PTR ICE (often a REVERSAL AREA). Strongly signals a pullback likely to the $30 PTR; which (if it HOLDS) would set up a NEW ABC to the $40-$45 area.
MONTHLY: This is the HUGE ABC set up that reflects "the BIG EVENT" we are all expecting. This MONTHLY ABC projects primarily to between $63 and $78 with 5% chance of going as high as $89, and another 4% chance of going as high as $126; IF we could get a MONTHLY CLOSE over $45 on more than 90 million shares monthly volume. If we close over $45 on less volume, max height COULD be reduced. Any move over the $60 PTR will likely force a subsequent RETEST of $60, unless there is a buyout offer.
God bless......Bud Rolfs
So you are still thinking we will pull back significantly this coming week, correct? However, you have changed your pull back target from the previous $25 to the $31-32, correct?
Other technicians I follow have argued that with the $36.91 close on Friday, we will be looking to the breakout on $37.5 and then onto $38.9 next week. Any merits there?
Bud, You are very locked into the ABC pattern, which seems to be your specialty of detecting and tracking. You've been accurate. But could it be that now, at this period in time, that another technical pattern might have or might be developing? Short to medium term I mean. Long term your ABC analysis fits. Just wondering, since there are other technical patterns besides ABC.
I'm not locked into ANYTHING. All I do is call the patterns I see on the charts. If SRPT is doing ABCs....that is what I call. If it does something else (like an UPTREND CHANNEL or DOUBLE TOP) I'll call that. Don't forget that I also called a TRADING RANGE ($25PTR to $30PTR) back in November, that wound up trapping price for 3 1/2 months AND I called the BREAKOUT to the new range of $30-$35 on February 27th once we retested successfully (9 days later). I can't help it if the SRPT band plays the "same song" over and over again.....
Bud, I did get your last 2 emails over the weekend and sent you a reply. THANKS! There must be a bad connection between our mail. I checked my spam folder and nothing there. I'll send you another email address. Appreciate!!
Are you getting any of the many messages I've been sending you by way of my Yahoo and Comcast E-mail accounts? You ARE on my contact list, but you sent me a request to keep you on it last week and I replied with my 2 most recent reports asking you to let me know if you received them. I heard NOTHING. So I sent you another E-mail using my private comcast E-mail. STIll no reply... Are all my messages to you going into your SPAM folder?
Really hard to use technical information on this stock right now because it is based on fundamentals that are still to come.I believe you could use them after a company gets past certain barriers.