Looking at this mornings chart I expect it may have one more slightly lower low before bouncing.
From the April 2011 high to the late Sept low, is an ABC and the completion of A. From that Sept low we see abc into the late Feb12 high, then a decline to the late June12 low. I can imagine that Hochberg has labeled this as 5 wave decline, I don't see such. Then the climb from there to the recent Oct high, followed by a abcde, now ending. This should signal the final move up is coming.
So from the Sept 2011 low we have an ABC up into Mar 12, for A (or W). From there the decline to the June 11 lows for B (or X). The the high into Oct 2011 for C (or A of Y). Then down to the current low for D (or B of Y). Expecting now a rally up to ~$37.90 (50% retracement of the April-Sept 2011 decline).
If this is correct, then at $37.90 area there would be A (the April-Sept 2011 decline). Then B from Sept 2011 to whenever $37.90 is made would be a WXY or an abcde triangle, in which either count would be legitimate. At $37.90 a decline to $24.20 area, which is 61.8% of the 2008 low to the 2011 high, would be the final C wave.
A-April 2011 high to Sept 11 low.
B-Sept 11 low to a future $37.90
C-from the future $37.90 high to a low of ? ($24.20 is what I expect here. As stated many times before, a breach of the Mar 2008 high of around $21.40 would suggest much lower prices. But I'm not betting on that)
Currently I would negate this call for $37.90 if we drop below $28.00 in any significant way, and would from there expect lower prices. But I expect $28.20 will halt any further decline currently, if a bottom was not made yesterday, which it may not have...
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence