The target calculated some time ago was $5.30, so far the high was $5.23. Coming from $3.79 that is a good enough gain. Sell. This applies by extension to a number of other junior silver miners such as PAA as well.
Month: September 2012
TRQ update
See also previous blogs. We got to $7.72 right at the end of August. Timing seems to fit nicely but the low was a little shy of the “ideal” Fibo $7.08 but still close to a number of other targets. With a little imagination a 5 wave sequence can be counted so our guess is that the rally has started. Remember this stock comes from $29 so it went down at least $21. A normal, minimal retracement would be about 1/3 or $7.
INTC update
According to our friends at the G&M this stock was going to go to $37, provided it did not trade below $24,50 (see previous blog). Well it did and it also lowered expectations. We would continue to look for $17 rather than $37.
This should be the start of a third wave.
MDI update
Despite the possibility of still lower levels it now looks like a first wave was complete under $9. If so a wave 2 is now underway which may take the stock towards $13. Long term here should be more downside (see previous blogs).