OSK, Osisko Exploration Ltee.

Gold miners from Quebec, started production a year ago, trading at a meaningless p/e of 148, cost per ounce about $858 and dropping and the mill just burnt down. Produce about 400,000 ounces once they get going. Here are the charts;

osk may 2012 losk may 2012 s

If this is the correct count, and it may well not be, wave 4 is unfolding as an A-B-C in which the C is a wedge. It is almost done, probable. At $6 the stock would have lost 62% of its entire value at the peak and has already lost 62% of wave 3. At about $6 overlap occurs and then the count would be wrong, ergo assuming the count is correct then the stock should not trade below that level. The recent move “smells” like an event driven situation, the event being the fire at the mill. These things are often exaggerated as is implied in this particular pattern. A sharp rebound should then follow. An initial target would be $13. A lower opening on Monday, if there is one, should be bought. Use a stop immediately below $6. No guarantees!!!! This stock trades in Frankfurt as well under the ticker EWX.