RIMM – Broke EBV-3, Is the Big Whoosh Coming?
May 15, 2012
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Man, bottoms are hard!
I didn’t think RIMM would break EBV-3 and I have said so in many blogs. However, today RIMM broke EBV-3.
Here is the Chart:
Research In Motion (US) with weekly price bars, EBV Lines (colored lines) and model price (dashed line)
For those interested, a daily updated chart of RIMM subsequent to this post will be maintained on Facebook, here.
Well this is the easiest part; wait until RIM breaks up through EBV-3 before you have any interest in this security. Obviously a bottom could not form at EBV-3, though I believed RIMM tried to bottom around the $12 mark. I guess there was too much overhang from holders at higher levels that supply of stock was too overwhelming. If this is the true, then look for the big whoosh.
They kill everybody! “Blood in the streets”
How far will RIMM go down? Not sure. RIMM has to find a level where everybody gives up. “I have had enough and I can’t take it anymore.”
Then when all hope is lost. When everyone forgets RIMM even existed. Out of the ambers of that once raging bonfire maybe the stock will cross EBV-3. Then you guessed it; RIMM will be “Coming out of the blue”.
Will be signing off on RIMM until this happens.
Man, bottoms are hard! (But it’s when you make the most money!)