I was going to post a chart of CIEN during lunch, but I thought it looked dull, so I didn't. I was going to mention how it was up against some fork resistance (green upper tine).
Well, an hour later it blew through that fork and is moving up into the abyss below $6.00, currently at about 5.33
I got long this last week due to the near A=C drop and the extreme oversold nature of the stock. I also anticipated a run to $6.25 this month to satisfy Max Pain. Today I thought that may be a little optimistic, but I guess it's on schedule again.
It is back inside an upchannel that could get it to $6.25 by expiration.
I realize this all educated speculation John but looking at the COMP daily I would be surprised if this thing stops anywhere but near the old highs before a meaningful retrace (i.e. one that may close the gap).
We seem to be in a 'iii' of 3 and pullbacks will be brief and shallow if that's the case.
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