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My medium-term pattern work from the June and Sept highs into last week’s low, as well as my momentum work, are telling me that Research in Motion (NASDAQ: RIMM) has completed a major correction and has turned to the upside to begin a potent “repair” rally period. Let’s notice that the initial rally from 54.30 to 60.57 came to a screeching halt right beneath the Sep-Nov down trendline. After the current pullback runs its course, into the 58.00-57.00 area, the next upleg should hurdle the trendline on the way to 65.00-67.00 thereafter.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
