IAMGold , IMG, update

img june 21 2013

A few months ago at about $8.50 this stock looked as if it might have been a buy. It wasn’t, but here again things are looking a lot brighter. The two legs down A and C are presently vector equal. Both the RSI and MACD are pointing up and the stock yields 5.6% and trades at a p/e of 7. Looking at the big picture, the stock has now dropped close to the lows of the 4th wave of previous degree (at $3 ?), see below.

img 21 june 2013 b

Just under $4 you hit the line from the lows going back to 2001. If it goes there or even a little lower remains to be seen, but regardless, it is already pretty obvious that buying at $4 beats buying at $24. This is what is known as buying low and selling high (as we suggested, see many blogs ago), it is what almost nobody ever does, it is that difficult..