CIEN Analysis for 12.14.2006

Current support is at the $24.75 area.

5 waves down into the .618 fib support and 89sm at the $22 area. 5 waves look corrective. Look for .618 level or $32.75 area as upside tgt.

Exuberant buying began yesterday, where sellers gapped it down at the open, and early buyers stepped in quickly. Further exuberance today created a huge gap up at the open, into the 200sma area as resistance, where there was profit-taking. Look for continuation tomorrow to enter.