In reviewing my charts last week, I came across 2 weekly charts of GMCR (Green Mountain Coffee Roasters) that I posted on July 2 & 9 of 2011. Here is that chart:
I noted on the chart that it shows a MM to 97. A Measured Move to 97 is what the parallel vertical line shows.
What the review showed me was that the stock price indeed got VERY close to that move – putting in a high at 96.91
I was optimistic that it could make a serious run at 100 but certainly it needed to complete the MM move first, which it did.
Now the stock has pulled back to the 90 leve.