IMN Inmet Mining , May 1 ( by request)

imn 2 may 1

I do not like the “on request” approach as more often than not you are forced into opinion, which is antithetical to the E-wave approach which is preeminently opportunistic in that there are thousands of stocks so why bother with the vast majority where the pattern is not clear. Anyway here is a shot at it. Back in ‘89 my broker then proposed I buy this stock or Magna. I chose Inmet, a very big mistake then and as in the cat and the hot stove, I have never looked at this stock again. Lets look at what is obvious; one would have had to be a complete moron not to have sold this stock at say $75 or above. When it was at $105 one would apply the “normal” 50/61% target (Gartman’s box) which brings you to about $45 or so. Ergo anyone owning this should be up, or wt worst, about flat right now. So what next, here is the chart in detail.

imn may1  Looking at this structure from $105 to $14 it clearly has had its own bear market, this is not to say that it cannot go lower but there is no compelling reason to assume that, so ignore the green and look at the purple. You are, right now hitting the trendline and you have completed what could be a 5-wave up, complete or not. Both suggest a drop back to $30/$25 before you move much higher, a tradable move. My guess is that we will go sideways for a while. Copper itself is already taking a break, see below (log-scale!). By the way, I do not for a moment believe in the “China” story. In Mongolia there is enough of this stuff for a few hundred years ( see IVN)

Copper May 1