SU, Suncor update.

su july 11 2015

Notice that this stock lacks the symmetry that was so obvious with the XEG. Moreover, if there is a triangle over the past 6 to 7 years, it could already be complete or require just a minor move up to around $45. Alternatively we could be looking at a failed c of B and we are already well into the downtrend, that is in wave 3 of C (see previous   blog).

     Regardless of EW, it must be pretty evident to any reader that does a little iThinking every now and then, that a break of the fat beige line, that is some 20 years old and has 7 or 8 points on it, spells disaster. That is roughly at $30!

P.S. The problem with long-term charts is that you often lose the resolution as the data points go from minute to minute, to hourly, daily, weekly, monthly etc. Extreme values are shaved off and are not recorded. The second high point in 2014 is actually about $2.65 higher than the one in 2011 so there can be no triangle and the B waive did not fail. This makes the bearish case more imminent. See below;

su july 11 2015 s