$IMAX: 3 Weeks Tight Pattern

I applied a Fibonacci retracement to the $IMAX monthly chart. Start point was 29.43 the high in 8/2000, and the low point occurred at .55 in 9/2001. It has essentially trended higher ever sense. Sans a few corrective waves.

Currently it just ripped through the 38.2% fib level of 11.53. Closed above it, and then it did a 3 weeks tight pattern that it has currently moved out of with volume as of today. 13.18 was the buy point in the pattern. 50% level is up at 14.95. I think that's a fair target for now. Piper's target is 16.

A 20% move from my 13.18 buy point would equate to 15.81. The 61.8% level sits up at 18.37 just in case things get real heated. 15 seems fair for now though. Today's close puts it 4.5% above the 13.18 buy point. It can be bought up to 13.83 from the buy point, or 5%.

***UPDATE : I sold this at 13.70 Thursday due to light volume, and general market weakness. 3.6% profit. I'll take it. If it holds 13.18 and can't break it on volume I will re enter. I don't want my views of the "valuation" to get in the way of a potential 3 weeks tight break out. We'll let the market be the final arbiter of what happens. Watch that 13.18 level.