Year: 2013

IMG, IamGold update from a week ago

Hamilton

img jan 28 2013

IMG has, or is about to complete 5 waves down. If correct it should trade back up to about $12 which would constitute a 40+% gain. This may be just the first leg of an a-b-c down in a double zig-zag. That would be very negative longer term but there is a great intervening opportunity and there are other counts as well that would be even more bullish (this could be a 5th wave all the way from the Sept. 2011 high, which would then target about $16.50, close to a double). A buy but use a stop-loss one dollar below the buy! The p/e is about 8 and the yield, unusual for gold miners, about 3%.

Take a good look at the RSI. It seems to be repeating what it did back in May to June last year. That led to a rebound of $6 + and the one coming up is of a larger degree if this is the end of a full 5 waves down. See also OSK, Osisko, looks pretty much the same.

TSX, update

Hamilton

tsx jan 27 2013

The TSX seems to always want to do 1000 points and then some once it makes up its mind. We have done that this time again and for all we know it may go on just a little further. But we are reaching the 62% retracement level and are starting to see the RSI and MACD get a little overdone. In the meantime this index is where it was a year ago having served no other purpose than irritating both bulls and bears. The triangle, in light grey, did not pan out but this count is ultimately a lot more bearish as it would require a 3,4 and 5 down instead of just a C down! We will see, as usual.

XOM update

Hamilton

xom jan 27 2013

XOM, see blog of 2 days ago, is on its way to $95. This leg up, like all the others, should unfold as a 3 wave structure, so it may take a little longer as the stock vacillates around this $90 level for a little while before going to $95. After that it should be a sell/short

ELD, Eldorado update

Hamilton

Then and now;

eld b 6 june 2011eld jan 27 2013

Read the whole blog for a better insight. The stock was expected to go to $10, which it promptly did (there are 3 ways of counting that drop!). It than retraced, as expected, about 50% of that drop and is now , once again on the way down. This could be a b-wave in a much larger a-b-c  ultimately targeting about $17+. However, if you look at the big chart on the left, you will see that the stock had already been at $10 many years ago. If it drops below that it would imply overlap and would spell the end of the bull run for this stock for quite some time, a scenario we would favour in any case at this time simple because 5 waves down should never stand alone! Put in a stop-loss at $10.