AA, Alcoa update

aa july 17 2014AA july 17 2014 s

See also previous blogs. We first recommended this stock on July 7th, slightly more than a year ago, when it had traded at a low of $7.54 a few days earlier. The pattern is that of a large, 13 year long, A-B-C correction that does absolutely all that it should except that the 5th wave of C did not establish a new low. It seems to have been supported by the 40+ year bottom support line. In any event we were fortunately not looking for perfection. Here again we are not. The stock could go a tad higher to just above $18 where the 4th of C resides but we would nevertheless sell now for an easy double in one year. For those that find math a challenge, that is equal to a 100% gain.

My laptop is on its last legs so some interruption to this blog is unavoidable. Stay tuned.