MBL - Where is it heading?
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     mads
Member
Username: mads
Post Number: 80
Registered: 12-2004Rating: N/A
Votes: 0
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| | Thursday, August 16, 2007 - 01:38 pm: |  
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MBL is down to below the 50% Fib level. Will it go down further to the 61.8% retrace level like BNB?
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ohkoolnutz
Member
Username: ohkoolnutz
Post Number: 647
Registered: 10-2005
Rating: N/A
Votes: 0
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| | Thursday, August 16, 2007 - 02:18 pm: |
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You didn't draw the fib right. The bottom corner should be at its IPO price. We have a lot further to fall.
---
ohk
Lies, Damn Lies and Technical Analysis
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gdd3
Member
Username: gdd3
Post Number: 172
Registered: 09-2002Rating: N/A
Votes: 0
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| | Thursday, August 16, 2007 - 05:42 pm: |
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Mads, thats the problem with Elliott Wave counts and Fibo retracements...defining where to start them from.
I guess I was puzzled to why you start your Fibo count from the June 04 low...until I guessed that it was the nearest low to BNB's low(your Fibo reference comparison) as this stock only started trading in October 04.
At least start the Fibo count for MBL back at its Nov. 02 low where it appears that a 5-Wave impulsive move, that finished recently at the May 07 high, first started. You would see from the Monthly chart below, as OHK has pointed out, there is still more room to fall to reach the 61.8% fall of this impulse move(from Nov.02 low)...infact, we are just shy of the 50% retracement level(more weight than 61.8% retracement) and better structural support around abt the same area(blue horizontal line).
I, personally, don't use Monthly Charts as they are far too "long-term" for my trading strategy...However, thought I would respond to your call.
Generally, I liked what the overall market did today(and over the last few days)..thats is, thump down and rally off its intra-day low, in a "V-pattern" format, that should see a few days recovery from here I would favour B4 another possible test of today's low.
Hope this helps.
Dolphin
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mads
Member
Username: mads
Post Number: 81
Registered: 12-2004Rating: N/A
Votes: 0
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| | Thursday, August 16, 2007 - 06:46 pm: |
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Dolphin,
Thanks for the response and the explanation. Yes, you are quite right that the only reason I started MBL chart from June 04 was because I was using it as a comparison to BNB chart for the same period. In retrospect I should have gone back to Nov 02 for MBL where the upward move started.
Why do you think the BNB correction has been more severe than that of MBL? They both use leverage for their business model. I am told that BNB is more conservative than MBL (Maybe?.
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redrover
Member
Username: redrover
Post Number: 790
Registered: 04-2005
Rating: N/A
Votes: 0
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| | Thursday, October 11, 2007 - 09:24 am: |
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On 20th August MBL bounced back up and is now up to $88
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