PEY.UN Update March 24.

We recommended this stock at around $6.50, basically on a buy it now type of recommendation. It made another slightly lower low a few days later. This stock is an absolute “model” ewaver in that it does everything precisely as it should. Here is the chart.

PEY.un March 24

Notice that there is a clear triangle, that it breaks the channel (green) but stays very precisely in the new channel red. Also the low occurs right under the apex at a level that corresponds with the triangle’ mouth. As this one is so well behaved it should go to the high point of e $10 or right to the top at $13. Time will tell.

It is, by the way, possible to count this one without the triangle, however that requires a failed 5 of 3 with wave 4 equal to wave in the triangle. Then 5 down to the low. This would target $11 as a minimum so it is mostly academic.