PD Precision Drilling


pd.un feb2

This is Precision Drilling’s chart as of Feb 1 2009.  We argued that it was a buy then at around $5 given the nice 5 waves down and the buy low/ sell high principle. Below is today’s chart; for some reason I never looked at it in between.

pd march 2011

This is, by the way, a semi-log chart, sometimes they capture the essence better. This is an a – triangle b – c correction shown schematically. Notice theat time-wise is is very much overdue. Presently it is at the 4th wave of previous degree (my original target) but will probable push higher towards a 50 to 62 % retracement level. That is around $18.