We had EMA as a sell at about $36. We are now at about $30. This is not enough. c=a at about $28 and the wedge has a base at $26 which is also a 4th wave of previous degree. Stay out a little longer.
JCP, a buy again!
Just like BBY, Best Buy, JC Penney is very promising, even for a second trade, first the big picture;
There are differences but what they have in common is a very well shaped C wave . JCP actually took the biggest dive and as you can see from BBY there is usually very little rhyme or reason for the moves (other than EW). In more detail for JCP we get;
The wedge is a 5th wave of C. There is a good deal of overlap which increases the confidence in labelling this as a wedge (or a contracting diagonal in EW lingo). There is even a nice 4th wave triangle to add to the confidence. A buy with a first target of $28, a double! All this on a massive quarterly loss, just like Best Buy at the time.
TSCO, Tractor Supply Co.
This stock traded below $1 as recently as 2001. It gains about $10 on average every year. We thought $70 was already pretty good. $125 is really good and we would sell. It trades at a p/e of about 28x, nearly twice the norm for the market as a whole. This is a great store even if the name is a bit of a misnomer. You can get all sorts of hardware and tools, rat poison, seeds, cedar posts and aerators and the overalls and other clothing that you need when using them. A bit like Home Hardware and your local Co-op combined. EW wise the best we can come up with is a very extended 3d wave and a 5th that is roughly equal to wave one. Not a lot but enough to suggest that if you were lucky enough to own this one, to sell it now.
FNV Franco Nevada, update
The usual then –Oct 6, 2012 – and now charts;
Then we expected it to fall immediately roughly from $60 to $36 (a 4th wave!). It did and then some. We unfortunately did not follow up on this stock but obviously it was a buy again at $32 after 5 waves down. It has now done an a-b-c clear counter trend bounce covering 6 out of 11 blocks so it is above 50% but below 62%. A sell again on balance.