ECA, Encana update

Then, July 24th, and now charts;

eca july 24 2015eca nov 1 2015

Using the Bigchart we estimated a bottom at about $7 using three different metrics. The actual low was at $7.39. From there it nearly doubled and, so far at least, the bounce looks a lot like a simple a-b-c, that is a correction. A new low might still be forthcoming.

Markets have an uncanny tendency towards symmetry and regardless whether this is a 5th wave in a diagonal or a 5th wave in a normal sequence, for symmetry to apply the stock should drop $1,13 below this last low which would bring it to $6.26  Don’t bet your last dollar on it but do expect another new low.