On Tuesday MPEL was back on the watch list for a possible move off the 5.55 low. This was tested support and an wave A target of the current correction from 7.20.
Today MPEL never looked back trading over 10% higher from the previous days close on no news. The possibility of more upside (3.5 – 7% short term ) from todays high is still in the charts.
Continue to watch MPEL for entry points with the prior support and price targets in mind. The shallow correction to 5.92 may have been enough to get MPEL to the 6.26-6.35 range, but if todays move corrects without higher highs in the morning watch for 5.84-5.73.
Todays price high in MPEL is close to a 38% correction from the actual 7.13 high on 11/2/10.
