Reversing My $CCL Prediction

In this post, I noted the bearish configuration $CCL is in. I am going to reverse that decision now for several reasons.

  1. Bear flags don’t have to break down and, in fact, the more obvious they are, the less likely they are to do so. Everybody sees it.
  2. And the longer they take to break down, the less likely they are to do so. I would be more confident in my prior call had it broken down sooner. The longer it hangs there, the more time people have to pile in short on the obvious bear wedge.
  3. Looking at a wide array of “reopening stocks,” leads me to conclude that many of them are going to rally, and that should put some bullish wind in the sails on this one.

So, I’m going to be bold here and call for a rally instead. I am oing to make a new category (“Cancelled“) for calls like the prior one that I walked away from before anything important happened against the original call.

I now call for a rally to the orange box:

CCL

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$CCL Continues to Look Very Grave

As noted here, $CCL is in a very bearish configuration. It is in a large, multi-month bear wedge, and also in a smaller local one. It looks to have completed a triangle which we normally would interpret as a “B” wave connecting the two legs of a correction. The measured move for the second leg is noted below. Above $25 would cast doubt on this interpretation.

CCL

[UPDATE]: I have reversed this call in this newer post here. Filing this under “Cancelled.”