OSTK update 11/13

OSTK: Overstock.com’s ticker. Requested by a member. This ticker has been trading since 2002 and the 2004 high can be regarded as a cylce-1 high after clear five (yellow) waves up. That leaves the question if the low made in 2012 was Cycle-2? The issue I have is that there were only three waves up from that low to  the  2013 high. Anybody can see that 😉 Thus it questions if a new impulse up has started. At best a very large correction (b-wave is on going) with wave-c (as b-waves always consist of an a, b, and c-wave) now underway targeting $65.50s. Cont’d below.

OSTK

When the wave count is muddled, as it is now, then we should/can rely on simple technical analyses and what is obvious is the multi-year range (green box), and the long term downtrend line (red). Price recently broke out above both. The measured symmetry breakout then targets $65.50ish. It is unclear as of now how price will get there (i.e. straight up, or first a retrace). If it were me, I’d say a retrace first, ideally to $47.50ish.