CF is one of a handful of independent investment-dealers, merchant bank type of outfit still remaining. Sprott Inc, that went public about 4 years ago is another one and, despite their high exposure to gold and other such end-of-the-world products are still trading 20% under their issue price. CF has a nicer cleaner chart, it is the one we have seen a thousand times now; a big down-leg, followed by an A-B-C B-wave as a retracement. Next is the next down-leg, already well advanced. A further drop to about $8 is the first target. Ultimately look for a price below $3.