Tuesday, August 18, 2009

RIMM Update 8-18



A retracement of yesterday's decline is to be expected today. So far, this may be a wave 2 (of wave C) retrace with wave 1 bottoming yesterday.

There is a gap down from yesterday that may get filled and if and when it does, that would be between 50-62%, a good retracement typical of a wave 2.

I noted in the chart that I may add to my short there on a bounce. Let's see what happens.

Don't forget about the 38.2% retracement level as well.

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