outliered out of the bollinger band today, page-54

mongombolo,

OK - It sounds like I'm being too precise. But I'll explain my reasoning.

Now $16 is the logical target, based on the $8 multiples from $48, $40, $32, $24 and the $8 bounce off $32 which now means we fall $8 from $24 down to $16.

However, the reason I suggested it might possibly only reach $16.50-$17 is:
1. it twice recently failed to hit its targets:
- the initial fall I thought would hit $24, only got to $24.40, despite a big push down at the close on that day to try to get to $24;
- the bounce from $24 then didn't reach the $32 target I expected. It only got to $31.61.
2. If I use 31.61 instead of 32.00 to project a downside target I get $16.39 as a target (ie.24.00-(31.61-24.00)).

My point is if you wait for $16 exactly its possible it might not quite get there.