Okay....The Elliott wave pattern has reset and as of yesterday it has determined that we have started wave 3 on a pattern duration of 104 days versus 90 days last time. So the calculation go up. The price target is now 21.76 before March 2013. I will take that. Here are the details. Wave 1 began on 5/4 at a close of 11.47; it ended on 9/7 at a close of 15.81 That price increase is 4.34. According to the technicals, Wave 3 should be about 1.618x this price increase....therefore, I calculate an increase of 7.02. Wave 3 began on 9/26 with a close of 14.74. Adding 7.02 to that price gives me a target of 21.76. The technicals indicate that the price target should be achieved in less tan 1.618 times that it took for Wave 1 to Complete. Wave 1 was about 100 trading days; therefore we should achieve our $22 price target before March. This wave is usually the fastest and the most exciting. Remember, Wave 3 is not a straight up move. It should develop in five clear impulsive waves, three up and two down. Strap yourself in and enjoy the ride...I love Elliott Waves! If momentum is on our side...this will confirm that we are on our way. However, given the longer duration of this pattern, I am not certain how fast these waves will occur. Will keep you posted if I see anything.
The wave has reset with a longer pattern duration of 490 days! versus 104 days on last update in September 29 post.....more sustained uptrend taking it to $25 versus prior target 21.76. Enjoy the ride. This is a no brainer to keep playing it to this target.