Robbbb, you will recall that when I set that price target, it...

Robbbb, you will recall that when I set that price target, it was conditional upon the $47 level not being breached. The fact that it was breached, and then the more critical support of $44 was breached (in fact it is the UK levels that are more important here as they seem to be the drivers of the stock price at the moment) and then that the most critical level of $42 was breached (the neckline of the head and shoulders) is what has indicated that longer term holders were selling. The failure to make the price target and then crash through these support levels is what generates the bearish peak on the MACD.

There is no point making a forecast based upon particular price action (ie: making a new high) and then saying that the prediction is still valid when clearly something has changed. You have got to accept that something has changed when a stock makes higher lows (the definition of a downtrend). The failure of the neckline is what indicates that longer term holders have been selling the stock since the left shoulder of the head and shoulders pattern.

If you look carefully at the posts, I also pointed out a critical night of selling in the UK that I thought indicated the stock was in trouble when still at $44, and pointed out that if $42 didn't hold the next target was $33. Now it might be that $33 holds and the stock bounces back, making this a larger retracement in a bigger uptrend, incrementally improving on the August/March low. However, my point was this, now that we can see the head and shoulders pattern, we can see that the last price peak was bearish. Even if I was a longer term investor, I would be selling at the old support (now resistance) of $41.90 (thereabouts)and waiting to see whether the stock bounces at the $33 level. If I wait for it to get to $33 and the more dire forecasts turn out to be correct, selling will be a lot more painful.