But without news where does that land us?
News.
Without news the chart lacks value for longs (term).
Without news, all the chart does is make the stock look expensive.
That's not to say that fib is not a good compass for patterning in an active (read short term) trading environment.
With the *right* news, this stock will certainly run fluidly through the .50s.
...which begs the question: do we have the evidence to support the idea of THAT news event occurring in the near term? Or not so near...in which case shares will just get cheaper.
That said - I'm a fan of taking profits, and my frame of the market dictates aggressive mitigation of risk.
Weeee PHOT$$$$!lulz
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