Then – Nov. 13 2011 – and now charts,
The B-wave. Here is a good example of the B-wave that seems to prop up everywhere. The stylized version was not followed tick by tick, it has taken much longer and the drop was more erratic but the main principle holds so far. Already the stock lost well over half its value since Nov. 2015 and we are not even close to our destination.
This stock shows nice 5-wave structures but otherwise is just as confusing as most. Any higher and overlap will occur, which is fine if it is a double zig-zag but not if it is to become an initial 5-waves down. The drop was bigger than the other banks but so was the rise. We will wait and see what it does next.
Then – Jan 23, 2015, a month ago – and now.
We, of course, did not expect the extreme possibility to occur, perhaps we should have. Everything seems to go as far as it possible can. In any event we are now within a day (or two) of that point where the c equals the a as a vector. The RSI has crept up into overbought territory and the MACD is languishing for more than a month now. This is a 36% gain in 4 1/2 months!
PS With today’s high at 11,401.66 we are there as far as I can tell.
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!!