we dont know that yet. In a rational trading environment, you would have been right. But this stock is trading irrationally I think, as if some key MMs are manipulating it according to their whims and fancies if I had to take a wild guess.
So dont make the mistake of underestimating their power. If they have made up their mind to destroy all bears before they destroy all bulls, then so shall be done. your P/E valuations and all that wont matter at any stage of their game of bear-onslaught and then bull-onslaught.
actually it not trading irrational, its right on the money with a forma leader, this is the 50% retrace, or B wave, it serves 2 purposes, to squeeze the bears, and create a false sense of security like things are doing better. B waves are phonies. We could go higher,to the 61 retrace, but most B waves retrace 50% of the initial fall. Its a Phony.. Look for your self, its 50% on the money, and there is a lot of resistance above also, from people who lost all there money from 300. Telling you, the market will break also, and when it does, this baby will go to 25 to finish it ABC correction, then maybe a new uptrend can start if the Buss gets it together.
It is over, look at the countertrend moves up, it's only 3 waves up, that how you can tell this baby is going down, you not seeing 5 wave moves up, they are corrective in nature. Also all this formation is a 50 percent retrace from the initial fall. It's a classic A B C formation and C wave will start very soon, this baby will not only see 50, but it will see 25 with in the year. That's what the chart is saying. Done deal, it's locked, this stock from it's pattern is going down.