Although a longstanding correction target at 373.39 remains viable, we’ll go with a more timely picture that is bullish and which projects a bounce to as high as 418.66. Friday’s dip to the green line (x=390.43) triggered a ‘mechanical’ buy short that would require a 380 stop-loss, but we’ll paper trade this one for now. It should be good for a ride up to at least p=399.83, but a decisive move through that midpoint Hidden Pivot would open a path to the ‘d’ target at 418 mentioned above. _______ UPDATE (March 10, 11:00 a.m.): My apologies for the rickism of the month. I’ve corrected the trade noted above that was triggered at 390.43, since it was a ‘mechanical’ buy under discussion, not a short sale. Also, in case you didn’t notice, MSFT failed to bounce and is falling with a vengeance, presumably to the 373.39 target we’ve been using for quite some time. _______ UPDATE (Mar 12): The bombed-out low of Microsoft’s 40-point slide over the last three weeks missed my target by 3.52, or 0.9%, but a relapse that would fulfill the target exactly is still possible. It would be worth bottom-fishing.
MSFT – Microsoft (Last:383.27)
