ELD, Eldorado update

eld june 12 2015 beld  12 june 2015 s

See also our Feb. 2015 previous blog. The $4 target has always been in the back of our mind. It fits well with an a-b-c correction from the top with c equal to a. Also on a smaller scale there was a multi-month triangle starting in Feb. of this year. This one has to be a 4th wave of a 5th wave of C in a slightly different count. The triangle measures a little less than $2 which places the ultimate low at about $4.50. By that time the RSI should be in clear oversold territory.

The stock has traded in an idiosyncratic way, certainly a bit off from what other gold stocks have done. This may be due to political troubles with their Greek operations plus , of course, the specific challenges of operating in Greece at the present time. This gives the stock a binary character which could change any moment. An initial target would be at $7 (top of triangle) and then $10 (4th wave). Lots of upside with relatively little further downside!