I can't say I disagree with you, Islander. I know nothing about Elliot Wave theory, but would like to find out. Got any good info sources on this?
Despite what I wrote before, I'm closely watching this one, and on the first sign of technical weakness, I'm out. I suspect a reversal would come rather suddenly, if it fails to penetrate overhead. I could easily be wrong about this; it could just consolidate for a bit, then retest. Actually, that's what the chart suggests to me, but nevertheless I'm getting nervous about this one.
So far, I must admit I see no technical signs of weakness, although today's candle thus far is not too encouraging---the stock is testing 70 and now looking like it might not be successful, since the volume has not picked up. If volume picks up, it should be successful, and if not, then it probably won't, IMHO.
I'm not concerned about the P/E at this point (45 according to ASK Research), since even though it's doubled, it's still reasonable by today's tech standards. Don't forget, the stock was way undervalued pre-TeraBeam.
Either way, this one will be interesting to see how it turns out.
WS |
