IMN, Inmet Mining(from two days ago)

Last time we suggested the stock was a buy as 5 –waves down were complete. Then a sell as an a-b-c was complete. From there the stock had a yellow light, i.e. who knows. In the meantime a very nice triangle has developed, see below;

IMN June 2011

Provided the stock stays below $72.50 (about where we sold) this triangle can only be a B-wave triangle and consequently the next leg should be C down to around $45. or 30%. We could still be in c of the triangle which then cannot exceed $74, not likely but possible. This would simple make the whole exercise more drawn out.

PS Today’s high was $71.46