Will Wait on PCLN

As everyone here knows, I'm not a big believer in sudden reversals or "V" reversals and considering the daily chart in PCLN...

 With this candle-if it holds in to the close, I'd have to expect a pretty tight "V" reversal and reversals just aren't (or VERY rarely are) events, they are a process. I'd think at least 1 or 2 days maybe to form a reasonable reversal process if it started tomorrow, if it started today and ended the day with higher volume and an extremely long upper wick (price falling in to the close), then that would be a totally different story.

 My Trend Channel automatically set to PCLN's own distinctive character/volatility has not had a single stop out through the entirety of 2013.

The current stop is $1018 on a closing basis. Although I'd like to be in at better prices, when considering the big picture, it wouldn't be so horrible to wait for the violation of the Trend Channel.

 This is the intraday 1-3 min positives I showed today about an hour before PCLN broke out and a negative since then, but it's not enough for me yet.

 I also checked the Trend 3C version which lacks details but gives a solid trend picture, this is intraday so the idea that a false breakout would see distribution through it is what we expect, that is what we are seeing above.


The 15 min chart and note the 3C trend since the Bull pennant that I mentioned this morning, this just gives you more information about what this move was about, the exact thing I said over a week ago and every update since including this morning's expectation for the breakout to occur today.