The Chart du Jour
Have you ever had a true urge to go into a Jack-in-the-Box restaurant? Maybe I am going to betray some sort of East Coast elitism here, but I haven't. Jack-in-the-Box in my mind is a clearly second-tier wannabe type of fast food joint when compared to Wendy's or McDonald's. While the Taco Bells of the world at least offer some variety of faux-Mexican food, what does Jack-in-the-Box offer to truly differentiate itself from the pack? Little in my mind.
JBX's current chart pattern also stinks.
Advanced GET has assigned JBX a 4th wave Elliott wave count, and the GET 5/35-day oscillator has now pulled back to 0. Both suggest that a low-risk short sale opportiunity may be at hand with a stop-loss level to lean against above moving average resistence at $26.50. I specifically would be looking for at least one more new low here. $21.80 is a GET minimum projected low. $19.53 is where we see the Fibonacci bands "fitting" the price action of the recent decline the best, and on a real collapse, the GET system extrapolates that a 5th wave low near $16 might even be possible.
I think few would disagree that America would likely be a better and less-cluttered place if Jack-in-the-Box signs simply disappeared from our roadways. We just don't need this low-quality restaurant chain amongst all the others out there. And if Osama bin Laden were to come after America's food chain with some sort of contamination threat, given the morbid humor of having first attacked America on 911, might a restaurant with a name like Jack-in-the-Box be a natural first candidate for yet another surprise?
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