TRQ. Turquoise Hill Resources, formerly Ivanhoe

Sometimes we get it wrong. This is a good example but now things are looking up.

trq july 22 2013trq july 22 2013 s

Coming from $29, $8 looked like a steal. This is after all the largest copper mine in the world run by Rio Tinto in the lovely Republic (?) of Mongolia.  Why would the Chinese go to Chili and or Indonesia if they can get this stuff right on their doorstep (80 kilometers to be exact)?

The 5th wave, if that is what it is, appears to be an expanding diagonal 3-3-3-3-3 pattern. It is complete except for the last minor leg which can go to the trendline but does not have to except that it does have to make a new low, that is <$5.17. A wild guess would be $4.75  or so. It does not matter if you do not get rock bottom as the stock should rebound violently and reach $10- in fairly short notice. A double for the brave and if you already own it, put it in the buy-and-hold long-term category un till it gets to $10.

Mongolia has a 34% interest and Rio (with others) 66%. The mine will contribute about 1/3 of Mongolia’s  economy. This thing will work soon.