STN, Stantec.

stn feb 15 2015 b

Never knew what these fellows do for a living! Apparently they are design engineers doing all sorts of projects. They are located at the top of the Don Valley Parkway.

You can see here that the stock obeyed the 15-year channel by stopping right on the line. Ever wonder how it knows the line is there? Well it does not , but every Tom, Dick and Harry and their brothers that have the faintest acquaintance with “technical analysis” and have received a ruler from their employer plus an in house training programme on how to use it, draw that line a thousand times a day in order to determine if they are there yet.

In more detail;

stn feb 15 2015 mstn feb 15 2015 s

It would seem that the big correction has begun. (the best alternative is that the first 5-waves down was not wave 1 but wave A, even then the potential is towards $20). Wave 2 is nearing completion in this cluster of targets, c=a, 62% and the moving average. $33.58 embraces two of those so that is where this stock should be shorted. Normal targets, according to EW rules and guidelines, are at the 4th wave of previous degree, about $8.