Maybe it’s Shatner’s winning touch, but Priceline is moving through major Hidden Pivots with such authority that it’s starting to creep me out. Granted, the target shown, at 1155, is of dubious provenance, since the point ‘A’ of the pattern is just a pisher. But it’s still good enough for government work, and that means it should have shown at least a little stopping power. So now where? I’m never comfortable when I don’t have a target, so let’s use the one at 1244.20 shown. That’s 67 points of potential upside to trade before you even think about getting short, making this stock a natural if you’re keen on trading with the lunatic trend. _____ UPDATE (January 6): The stock has topped for the time being just below $1200. The correction looks bound for a minimum 1121.61, a Hidden Pivot support that can be bottom-fished with as tight a stop-loss as you can handle. _______ UPDATE (January 7, 10:06 p.m.): The stock has shot up more than $50 in two days, but I don’t entirely trust the rally, since it is coming off a low that decisively exceeded a clear Hidden Pivot correction target at 1121.61. Regardless, for the time being it should be traded only from the long side, using ‘camouflage’ patterns that are visible on the 30-minute chart or lower. _______ UPDATE (January 12, 11:05 p.m. EST): More downside to at least 1128.75 appears likely over the near term. That’s a Hidden Pivot midpoint support, and you can try bottom-fishing there with as tight a stop-loss as you can handle. If the support is breached decisively, however, it would imply more downside over the near term to as low as 1089.37. _______ UPDATE (January 22, 11:31 p.m.): Next major stop on the way higher: 1224.40, a Hidden Pivot derived from the hourly chart (A= 1133.02 on January 14). If it’s easily brushed aside, the stock would be signaling another wave of strength to 1290.70. Meanwhile, a pullback to 1195.52 should be regarded as a belated buying opportunity. These targets supersede all earlier ones. ______ UPDATE (January 27, 12:01 a.m.): The last high missed the target. a Hidden Pivot, by $10, but it will remain viable until such time as 1110.00 is exceeded to the downside.
