From the top of the triangle pattern when mentioned on April 28th, SAVE (Spirit Airlines) immediately gave up the ghost, plunging over 16% to to hit the first target for a gain of about 14.5%. Following the expected reaction off that support level, SAVE is likely to continue to one or both of the additional downside targets once this bounce runs its course.
I have been meaning to comment on the potential conflict between my call for a drop in oil prices along with a call for a correction in numerous airline stocks. In fact, I was asked that question today so I just wrapped up a brief video discussing that very question as well as a quick overview of each of the 7 recently posted airline short trades. That video is being processed & uploaded now & should be published shortly. Two of the recent airline trades, including SAVE, have already hit a price target. SAVE has hit the first of three potential targets while RJET recently hit the sole price target for a quick 11-12% gain in just 5 days.
note: For archiving purposes, RJET must be posted in a separate post as it is now a Completed Trade (to follow soon). For those signed up to receive email updates, a notification of the RJET final target being hit will not be sent via mail but can be viewed on the site shortly.