Never even heard of this company. It is part of the Lundin family trust business and operates independently as an exploration company, somewhere in Chili.
The chart simple looks very promising. Two triangles in a row which should normally take the stock back to $3.10 and perhaps a lot more. The first triangle is most likely a B-wave and the second a 4th wave. This could mean that what is in the chart is a 4th wave A-B-C correction and should by implication lead to a new high some day above $4
On the left the prognosis as of Oct 24 2011, on the right what actually transpired. The structure here is that of a diagonal triangle (which is not a triangle) or in plain English , a wedge. They have overlap and are highly predictive. In this case the “normal” prediction would be for a drop to about $160 seeing that that is the “base”of the wedge. In these markets things seldom work out precisely as the stock only dropped to $167 but that is still almost $80 from the top of $245.
Since the low the stock has gone back up and is about to double top. It is quite amazing how investors, whoever that may be, do not seem to have a care in the world having so recently burnt their fingers and yet willing to do the same thing all over again. A sell.
Sunlife (see previous blogs) fooled us a little with its extra long 5th wave taking it an additional $2 lower to about $18. In any case you should be long this stock from about $20,50. Soon it will be time to exit. The ideal target is $26 to $27. The rise from December could be either a 5 wave move or a corrective a-b-c. In the former case we could go a lot higher but not immediately. In the latter case, which is more probable, we will make new lows. In both cases it looks as if we are in some minor degree triangle which would then require at least one more push up. Note that both the RSI and MACD already have rolled over. Take the almost $5 profit and move on.
It is obviously too late now, you have to catch these things before they happen, but nevertheless Barnes and Noble is a good example of what EW can predict. The stock briefly hit a high of $26 equal to the triangle measurement.