RIMM Update- Amazingly Close To Our Analysis

I'm not talking about yesterday's analysis that suggested RIMM does make a move lower toward our pullback level set earlier in the week in this post...

If you look at the first post linked right above on Monday December 17th, it was clear I was expecting a pullback in RIMM, in fact the areas I highlighted as probable areas included the X-Over Screen's normal pullback area between the 10 and 22 bar (2 day) moving averages, which is where RIMM is between the two which are at $12.37 and $10.34 (RIMM at $11.09). I said specifically,

"Typically in a new trend the first pullback is to the yellow price moving average, the second is typically between the yellow and blue "

And that's EXACTLY where RIMM is at right now.

I also provided a Trend Channel stop for RIMM on Monday, it was...

"with a longer term trending stop around the $10 area, but never put stops at whole numbers like $10 or even close ($9.87 or $10.31 would be my choice and I wouldn't place it with my broker-just mental and on a closing basis only)."

So we got to the general area we were expecting a move to, albeit a lot faster than I'd have preferred, but we are there and RIMM still has some very bullish long term charts so we will be watching for signals suggesting a move down is coming to an end so those who want to get involved with TIMM long have a chance and those who I suggested on Monday consider taking some profits off the table, can replace the position at a better cost basis with those profits in hand.

I suspect it will take RIMM close to a week once it is ready to reverse to put in the normal reversal process as we almost never see a "V" shaped, next day reversal; it's more of a process. During this time we will also make sure that RIMM did not sustain any significant damage that changes the big picture.