Not only is the chart looking up but I just like the timing of everything. Here's my take: It took 16 weeks to form the left side of the base. We've already nearly doubled off the bottom in a little over 3 weeks. If you assume we form a nice symmetrical base, we're looking at early June to complete the right side. If you consider that the market/stocks tend to look ahead about 6 months, I'll use the .07 eps (from Dahlman Rose) expected for 2008 for my pps projections. Let's use just a reasonable PE of 30 which gives us a pps of $2.10. That pps fits perfectly within our current base.
Some may very well take some profits near the top forming a few to several week handle and then after some significant PR (or not), we break out of a nice cup with handle base and bolt to new highs over the summer. By then, we'll start looking ahead to 2009 with a much higher pps!
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