Mid Sept this was a buy even if the entire count was unclear. At the time it was suggested that the stock could go to $42. The flat correction turned out to be irregular and consequently the stock briefly dropped below the $35 level. To play it save it should be sold today at the close or at $40 for a 15% gain.
This energy company warns that oil may just do a little better than I would have expected; or it is living a life of its own. This one gave back all of the rally since March of 2009, short of a single dollar. It was down a rather precise 62% from the highs of about $14. More importantly the drop looks to be a fairly clear 5-wave sequence suggesting it should trade back to about $10.40, the top of a triangle wave 4. I would wait to see if it drops back a dollar or more.
We were targeting 92cents on March the 18th, if you sold at 102 you would have been up about 10% at the lows, but the target had not yet been reached. It remains at 92 cents as that is either the low point of a triangle or the start of a 5th wave (normal or wedge). Using the gap in the middle also suggests a drop to that level. The rebound from 94 looks pretty violent but that is the nature of FX. Even if the top is put in the wrong place (it could actually be the earlier top) the move down is a c-wave and therefore has to subdivide in 5 separate legs. It clearly has not done that (yet).
Back in Sept. we suggested this stock would be a buy next time it hit a low at roughly $11. It got to $11.47 so you may have missed it. It should climb at least $5, most it has already done, and then it remains to be seen if this is it or that we are only completing wave 4 of C. Sell between $15/16.