08/29/2014: social media is REAL, it makes a DIFFERENCE and it is developing business models that are changing the landscape. I believe in this space …however, all that being said – I believe in PATTERNS more! 🙂 So, throughout 2014 I have been watching the $SOCL mutual fund. (please see: http://money.usnews.com/funds/etfs/small-cap-funds/global-x-social-media-index-fund/socl for more detailed information. It’s not equally weighted but it does encompass a nice landscape of the social media space players. As you can see from the charts below a well defined 5 waves up led to the correction into the middle of the year. From there we have bounced nicely right into the zone of 20-21 which “should” offer resistance and another move down. Here’s the rub … the 1,2,3,4,5 was excellent and warned, nicely, of a coming correction. Please see this chart:
see the change …. ? You know what … I’m going to start the count a little early and note that the recent high was 3 so, w/ the rampant bullishness of the equity market and that it can’t even correct 5 % I’m going to put a “new count” out there to make it go up to make a new high. So, if we can get an intraday pattern to BUY why not give it a change. will be watching …
04/28/2014: expect 14-15 to maybe be support but the 5 wave sequence is complete and I consider this space done for a while …My last post on SOCL is below. Missed it by a buck:
