TCK.B Teck Resources Ltd.

On Jan 15 we thought this stock had peaked at $65 and should be sold, here are updated charts;

tck apr 2011 tck apr 2011b

We still are of the opinion that the last move up was NOT a 5th wave but a B-wave instead. This fits much better with a whole lot of other stocks (see also FM). The implications are not much different either way, except that the downside target may be a bit  lower than in the case of a triangle (rather unlikely)

tck apr 2011 sm .

In the mean time the stock has dropped almost $20 ( 30%) in what would be a first wave. After that it may have completed an a-b- or perhaps only the a-b part with c still to go. By the time wave 3 is done the stock should be close to $30.