CCL has broken up out of a pattern I have been watching and...

CCL has broken up out of a pattern I have been watching and looks like it could head to $12.40 as a short term trade. The stock may have started up on an Elliott Wave 5 which theory says should make a new high above $15.40 before its next material retracement. Trading since 2000 fits nicely in a very large channel - suggesting the recent lows should have been a turning point for price. The short term target is based on two extensions of recent breaks of resistance levels, with both coinciding at the $12.40 level. I've put in a conditional buy today based on price moving up again.