RCOM is in a corrective phase.
It has done 50% correction of the entire move from bottom in Aug '13, in its earlier wave down from recent top. If that was end of larger degree correction then the stock should take off from here. However, the stock is not attracting any buying interest.
That prompts us us consider alternate count where the earlier wave till 107 in Feb as only a part 1 (Wave A) of the on going correction and at 157 in Jun it completed wave B corrective up move and currently it is running final wave C.
Internal wave count of wave C suggest it has completed sub wave a and b and wave a of sub wave c. Expecting wave b of sub wave c to go till 130 and then final dash down near 100.
Move above 135 means possibility of invalidation of this alternate count and fall back on the original wave count that the correction indeed ended in Feb at 107.
Strategy
Long till 129
Short at 130 with stop above 135
Target 100.
It has done 50% correction of the entire move from bottom in Aug '13, in its earlier wave down from recent top. If that was end of larger degree correction then the stock should take off from here. However, the stock is not attracting any buying interest.
That prompts us us consider alternate count where the earlier wave till 107 in Feb as only a part 1 (Wave A) of the on going correction and at 157 in Jun it completed wave B corrective up move and currently it is running final wave C.
Internal wave count of wave C suggest it has completed sub wave a and b and wave a of sub wave c. Expecting wave b of sub wave c to go till 130 and then final dash down near 100.
Move above 135 means possibility of invalidation of this alternate count and fall back on the original wave count that the correction indeed ended in Feb at 107.
Strategy
Long till 129
Short at 130 with stop above 135
Target 100.
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