IVN, Ivanhoe update

Hamilton

ivn geisIVN jul 2012

Left is then, Dec 2011, the right is now. The rise from about $13 to $23 gave it all away. It was a little too much for a 4th wave and consequently it was more likely a B wave in the middle of a very large A-B-C, zig-zag correction. The target shown initially was around $8 but is actually a little lower, more like $6+. But it does not have to stop there, the 4th wave of prev. degree is, after all, down at only $2. In detail;

ivn july 12 2012

Our best guess at this point is that the correction is developing in a double zig-zag, a-b-c X a-b-c. The ideal target, all things considered would be approximately $7.08. Time will tell. The count is not infallible and only meant as an approximation (for instance, the first a could be placed much further to the left).

Fundamentally this is a huge mine, with huge ego’s and the ghost of Genghis Kahn riding through it all, anything is possible!

CIX, CI Financial

Hamilton

CI Financial has about $94 bln. in assets under management which puts them right up there in terms of size. The chart is interesting to say the least;

ci 2012

EW does not always provide the answers. At least half the time it would simple be a guessing game and therefore it is important to analyze charts to find the stocks that do have a clear picture and leave the others alone. CI falls in that category but I cannot resist the temptation.

This is a huge 14 year long triangle or, at the very least, a congestion pattern. The purple line is an approximation of the base line but it has no other meaning. The triangle is drawn in such a way that it will result in a thrust down, it is bearish. If you move the a,b,c,d and e one further to the right  you would get the same thing but bullish! The bear just seems to fit better given what is going on overall. The e-leg most often does not go to the trend-line, in fact it is probable close to done. Not much to go by but at least it is a roadmap.