KGI, Kirkland Lake Gold, update

Here is the May 17th chart as a refresher;

kgi s

The target was tentatively and conservatively set at $18 (triangle mouth measurement and trend-line). This target does not take into account any rise due to the lapse of time. Here is where we are now;

kgi jul 2011

We got to $16.45 so there is more to go. Often, but not always, the stock peaks right above the apex of the triangle, that would allow for more time. Also the trend-line ( one point is rather precarious!) is at around $19. The triangle’s mouth measurement would put the top at about $18.50.  Your choice!

kgi b

Get out with a 30% gain when the target is reached. The stock should drop back to the base of the triangle, and depending which scenario holds (blue or red, and possible – not shown- a large wedge wave 5, but there is no overlap.) it could be game over for quite a while.