I haven't exactly sold out. I have sold about 50% of my...

I haven't exactly sold out. I have sold about 50% of my holding.

As the shares were & are in my self-managed super fund, I have no capital gains tax to pay. My average purchase price was $54.20.

I am looking to buy back in at lower levels.

My initial target is to close the gap down to $128.54 with a possible further target of $124.80.

From an Elliott Wave point of view, if the 3rd wave ($116.64 - $128.68) has been completed & a 5th wave started at $124.35 then any extension of the 5th wave cannot go beyond $136.39 as this would mean the 3rd wave was the shortest of the 3 impulse waves & according to Elliott, this cannot be, which would then mean it would be a further extension of the 3rd wave with a target of $137.04.

If all 5 waves have been completed then we should look for a percentage correction of the entire move from $109.94 - $134.00.

Popular targets would be $128.32, $124.80, $121.97 & $119.13.

In a falling market, the above 4 prices are where support should occur.

The above is all theory but traders tend to follow technical levels.