lot of charts popping up lately for Pen. i am surprised to see...

lot of charts popping up lately for Pen. i am surprised to see that no charts posted include Eliot Waves. i don't realy use them myself. but looking threw the charts today Pen looked to me like it might fit the criteria. is this a correct representation of Eliot waves? according to this, is Pen at the top of wave 5? or could we see .12 before the retrace hits? how low will it retrace if it retraces at all? and if it retraces would possible announcements be able to slow a retracement if it came?

interested to hear any comments from people who use TA in their trading.

A correct Elliott wave "count" must observe three rules: 1) Wave 2 always retraces less than 100% of wave 1; 2) Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5; 3) Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle. A common guideline observes that in a five-wave pattern, waves 2 and 4 will often take alternate forms; a sharp move in wave 2, for example, will suggest a mild move in wave 4. Corrective wave patterns unfold in forms known as zigzags, flats, or triangles. In turn these corrective patterns can come together to form more complex corrections.






http://en.wikipedia.org/wiki/Elliott_wave_principle