CNQ, Canadian Natural Resources, update

CNQdec 2011 sCNQ may 5 2012

On the left the blog from December 1, last year and on the right the present. The a-b-c rebound  fell a fraction of a dollar short of the ideal target ($42, level of 4th wave & 62%) but the c part was a textbook diagonal that confirmed the turn to the downside. So far we have reached about $31, but the ultimate low target is in the low teens ($12 or so, see that blog) so there is still a ways to go. Wave 1 down was about $22, if wave 3 equals wave 1 that would take the stock to about $19, then there is still 4 and 5 to go. The outrageous prediction then, repeated below for ease of reading, is possible no longer that far-fetched.

cnq big

This is not today’s chart, it is 5 months old!