PNRA has decisively broken the middle Bollinger band and the upper band will be around 41/42 by the end of the week. A short spike through 40 would not necessarily invalidate G. Smiths "neckline" but would be required for a complete retracement.
A 50% retracement of the decline from the October high to the 34/35 low would be 41. A 61.8% retracement would be 42.4.
If J. P. Morgan did do a secondary for PNRA, they would certainly to build out stores on that 2,000 plan in a much shorter time. Of course, existing shares would be diluted.