PHX Energy Services Corp.

phx feb 26 2015

This is a subsidiary of Phoenix Technology Services, they drill horizontal and directional holes for the gas and oil industry. It does so here in Canada, in Albania and Russia. A good business in great places and with the appropriate, we hope, reference to Phoenix what can possible go wrong??

It dropped from $16.32 to $5.21 or $11.11 and it did so in a 5-wave structure (or a double zig-zag, a-b-c X a-b-c with each leg about $6). Next it goes up in 5-waves initially. That has to be the start of a new bull or 1/2 of an a-b-c correction Either way we need another leg up. A good initial target (for a correction) is 38% of the drop which in this case would take us to $9.43. Equality between the c and a legs gets us to $10.35. The 200 day moving average is presently at $12 and that is also where wave 4 of 3 resides. So close your eyes and buy it at $7.30 and wait six weeks and chances are that you will make 41%. Before doing anything , call your broker!!