WFM Rallies on Cue
by Mike Paulenoff
June 6, 2014 • 7:34 PM EDT
On June 4, Mike added Whole Foods Market (WFM) at 38.30, and exited half two days later at 40.89, looking for 42-44 on the remaining position.
Mike noted in his chart work that the 44% "haircut" in WFM off its October 2013 all-time high at 65.59 to the May 2014 low at 37.05 met his optimal measured target zone off of a multi-month top formation.
He explained, "Positive momentum non-confirmations on my daily and weekly work suggest strongly that WFM has completed a major correction of its prior massive November 2008-October 2013 bull trend. If my work is reasonably accurate, then WFM should be 'in the turn' ahead of a potent recovery rally period that points to the 42-44 initial target zone."
See chart from June 4 below.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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