Update on COMP: May 16, 2016

In our last update on COMP, I noted that the rising wedge we first charted in October had held off a second attempt to best the Jul 20 highs.  The upside case looked better as a result of both higher highs and higher lows.  But, it wasn’t a slam dunk.  From Dec 4:

If [COMP] can’t make the leap, then there’s plenty of downside ahead: the red .618 at 4872, the white channel midline at 4500, etc.  But, that’s not the way it’s shaping up.

As it happened, COMP had already peaked two days prior, and couldn’t make the leap.  The wedge played out beautifully, and those downside targets were taken out in quick succession.  By the time the dust settled at 4209, COMP had shed almost 19% from its December highs.

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