I put out a slew of ambitious rally targets for the “lunatic stocks” in the chat room yesterday, most of which are still in play (see my 13:57 post for the precise numbers). Priceline, however, has exceeded its 1152.15 target in after-hours trading Tuesday, implying that an even higher target from a larger pattern is now in play. Specifically, I am forecasting a move to at least 1188.29, and suggesting that any buying be done near the 1148.25 midpoint pivot shown. You should use the ‘camouflage’ technique to initiate the trade, since a ‘mechanical entry’ at 1148.82 would dictate a stop-loss of about $13. Note as well that my rally pattern uses coordinates taken from a 24-hour chart that includes after-hours action. _______ UPDATE (October 30, 7:37 a.m.): Scale back the target to 1172.01, since price action centered on its sibling midpoint at 1140.69 has confirmed the target itself (60-minute, A=1074.34 on 10/20). The implied long, and the short, will be catch-as-catch-can, but I wouldn’t recommend betting the farm in any event.
