Spartex, Instead of a 50% retracement, it's looking more like a 61.8% (Fibonacci), which would be 7.5 based on the 17.24 high (or 6.6 using the June 29 closing price of 14.93 as the high).
But it's too early to say that this is the bottom. If it can rally back this afternoon and leave a bullish tail, then perhaps the bottom is in. On the other hand if it closes toward the low of the day, then more downside likely next week.
Fun to watch, but not so fun if you are long. But the huge 10 fold spike up means that considerable momentum/hot money came into the stock, so a pullback was inevitable.
GL to longs :o)
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