The coil pattern that is enticing me on the long side of Ford (F) has the right look of completion ahead of a powerful thrust to the upside that should propel F above the January high at 12.14 towards 13.50-14.00 and possibly to 15.00 thereafter based on my medium and longer-term work. This morning’s swoon to an intraday low at 11.15 and pivot to the upside to 11.47 so far looks like the final dip within the coil followed by the start of a new upleg. If my work proves correct, then F will continue to outperform the overall market in an increasingly significant way in the upcoming hours/days.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.