TA, TransAlta

TA jul 2012TA s jul 25 2012

On July 16th this stock looked like it might well be a buy for the long haul. This despite our immediate target of $15. Well here we are and almost there so perhaps now it is even a better buy (we try to be constructive, see our blog under ZUT). We are tweaking the count a little bit as per the above charts. It looks like we might have had a B-wave triangle in an A-B-C overall correction (the e is outside the triangle but not beyond the top of c). Typically in these structures the C is equal to A or about 62% of that which would call for a price close to $12, which is also the 4th of wave 3 up. We do not now if it will get there, but if it does the rebound should be swift.