- December 21, 2008
- Posted by: Ramki Ramakrishnan
- Category: US Stocks outlook
In our post of 16 December where we presented Elliot Wave Analysis of SBA Comms Corp, we said that for this stock to come down, we really would like to see a fast paced move in that direction. Otherwise the risk increased to the upside. The main reason for this is we have already gone up more than 61.8% of the most recent leg of the downtrend, and at this late stage of the progression, it will be quite unusual to see such a recovery if there is more weakness to come. Take a look at the attached chart. It gives you another elliot wave trading idea.