First, why did I choose SBA Comms Corp for this trading idea? The reason is quite simple. Someone drew my attention to a potential wedge like pattern that is bearish. Can this stock go a lot lower that the $9.49 already seen? Perhaps. But for that to happen, we need the next move down to be very aggressive. If we move down slowly, the chances are higher that that move lower is only a 2nd wave correction of a new uptrend. We shall see. Take a look at the Elliot wave analysis of SBA Comms corp in the accompanying chart and you will see the pressure points. Enjoy.
2 Comments
Ramki,
Thank you for the excellent analysis. However, since your analysis, SBAC has revisted the high $16/$17 per share range. Do you still think it will touch down to atleast the 9-10 area? Many thanks in advance!
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