PD , Precission Drilling and TDG, Trinidad Drilling Ltd.

Last time in April a target of $18 was indicated, here are the then and now charts;

pd march 2011 PD july 2011

Since the last chart we spent a lot of time doing nothing much, perhaps a megaphone wave 4 of c, and then we shoot up on good earnings (not as bad as they were) and the world is rosy again. We still need a minor wave 4 of 5 and then 5 of 5 to finish this A-B-C structure. The stock is trading at a meaningless P/E of 66 but I am not sure when that was measured.

To add a little confidence to this A-B-C outlook and it’s implications , I have added , Trinidad Drilling as a comparison;

tdg

This chart is arithmetic whereas the ones are semi-log. Sometimes things just present themselves better one way or the other. In any event the A-B-C is as plain as daylight even if it could be argued exactly where one ends and the other starts. This one also still seems to require a small 4 and 5 of 5 of C to be complete. Both are , of course , a sell either now or a little higher.