One day after I’ve written about RIM’s arrogance, RIMM has plunged 4% to over a 4 year low of $43.42 (the stock will probably close below $43) on high volume (the volume by the end of the day will probably be about 24 million), which is an indication that some investors are jumping ship. RIMM’s decline even weighed heavily on the NASDAQ and curbed its gains, in what was going to be a good day.

RIMM’s uncertainty in emerging economies is putting a lot of pressure on the stock. Although I hate RIMM on the long run, I do think that the stock is currently way undervalued (I already expressed that I thought it was undervalued at $46.50), but I do believe that there will be a better entry point by the end of the day to buy the stock. RIMM’s lowest support level was $47.43, and it was broken two days ago. The stock is currently in a free fall.

If I want to buy the stock I’d wait for a pullback below $40 to buy, or a sign that the stock has stopped the downtrend (moving up on volume).

RIMM has fallen another 14 cents while I was writing this article, and is currently trading at $43.29, make that $43.28!