FTS, Fortis Inc. Another B-wave?? Forgot to put this in!

fts june 2011 l fts june 2011 2l

Fortis is a Canadian utility, the largest if I am not mistaken. Most of their businesses, with a few exceptions, are regulated and consequently this one should, more or less, trade like a bond in the same way most utilities do. The stock is telling us that interest rates are at a low or very close to one.

From an E-wave point of view this is an immediate sell. In both the short and long term charts the B-wave stands out as clear as a bell. Of course it is possible that the count is wrong and that we are in the process of forming a  5th wave for the entire sequence, but even then the stock would only add a dollar or two after months of agony creeping up. This is a very low probability event and ergo we would sell now.

Remember that you can click on the charts to enlarge them and move them around.