MPEL was trading up over 6.5% at todays open, Vol / Avg. 10.82M/5.95B, and triggered the long term price target of 6.20 mentioned in the watch list earlier this week and outlined initially in May’s buy signal.
After reaching this price target MPEL retraced, trading to 5.92. Following the previous Elliott Wave price targets that have been met, look for MPEL to possibly correct further to 5.69 price level before heading to 7.20. This price target high would include the 6.58 price level mentioned earlier in the week as an internal wave 3 of the parent wave. This wave was targeted between 6.58-6.62. Also, the internal wave 3 of wave 5 of the parent wave price target would be 6.84.
MPEL is also expected to report Q3 earnings before market hours on November 2, 2010. Estimates: 0.010 | -0.006 | -0.020
MPEL reported 2nd quarter 2010 earnings of -.06 per share on 7/28/10, missing the consensus of -0.035 by 71.43%.