We’ve had our eye on a correction target at 84.16 that’s been six weeks in coming, but yesterday’s swoon-induced low at 84.45 wasn’t quite close enough to get us aboard via the straight bid I’d advised at 84.21. Nor would camouflage have sufficed, since even on the one-minute chart, the trampoline bounce off the low was too steep and violent to create any handholds. Shorts will have been scared to half to death, and so we shouldn’t look for the stock to return to our target level any time soon. In any case, we’ll bide our time and perhaps try to get long, even if at a higher price, when the stock quiets down.
