$JSEGRT - Growthpoint Prop: Is A Bottom In At 914cps?
See link below for previous analysis.
There's a case to be made that the five wave decline from 3150 is complete.
If that is the case, 914cps should hold and the bear market bottom is in.
I am looking at the advance from 914 to 1218 as wave (i) and the pullback as wave (ii); wave (ii) may not yet be complete but should terminate above 914 for this bullish outlook to remain valid.
A break above 1218 will give greater conviction that the stock is starting to advance in wave (iii).
The large bearish structure from May 2013 is an expanded flat. In expanded flats, wave (B) of the 3-3-5 pattern terminates beyond the starting level of wave (A), and wave (C) ends more substantially beyond the ending level of wave (A).
There's a case to be made that the five wave decline from 3150 is complete.
If that is the case, 914cps should hold and the bear market bottom is in.
I am looking at the advance from 914 to 1218 as wave (i) and the pullback as wave (ii); wave (ii) may not yet be complete but should terminate above 914 for this bullish outlook to remain valid.
A break above 1218 will give greater conviction that the stock is starting to advance in wave (iii).
The large bearish structure from May 2013 is an expanded flat. In expanded flats, wave (B) of the 3-3-5 pattern terminates beyond the starting level of wave (A), and wave (C) ends more substantially beyond the ending level of wave (A).
