Pretty well to the dollar. Now down by about $15 and has clearly broken out of the channel. There is a lot more to come, see previous blog.
G, Goldcorp update
The left is then, exactly a year ago, the right is now. The pattern last year was that of a developing contracting diagonal triangle, in English a wedge. Highly reliable and precise and they tell you the whole thing is over, at least for a while as these always occur in 5th wave position. A slight error was made then in assuming that wave 4 was complete. It was not and consequently the wedge is less pointed than first thought. The target was $56 and that is where it went, albeit in a roundabout way.
The way down was a little more difficult which is why , at one point (see prev. blog) it was good to stand aside ( you would have been out or short in any event!) just in case overlap would occur and negate the bearish outlook. No overlap occurred (waves 2 and 4 of 3 may have touched briefly). With that the bearish outlook is back in full force. We should be in 5 of 3 (assuming 4 is complete, which remains to be seen). Then we need at least another 4 and 5. Ultimately $20 (a 4th wave of prev. degree) is certainly not out of the question.
MAKO update,
MAKO dropped another 40 cents but shot up a whole dollar in an hour. This is looking promising, especially if it can get over $15.20!
PBI. Pitney Bowes
Anyone who has spent some time in the mailroom of a company will know that that is where the heart is. It is here that you can find out almost anything about a company as you see the flows.The PB postage machines are right at the center, or maybe not any more. Like the post office it is a dying institution, the only question is how fast? The schematic A-B-C “correction” gives a target of about $8. If it stops there remains to be seen and will depend to a great extent on whether or not the company can live up to its slogan, “Pitney Bowes does more”. It is trying to transition from mail to communications, a broader and more complicated mandate. Presently we appear to be in the 3d wave of 5 of C. The target is also close to $8/$7. The count is somewhat open to debate but the proportions are quite plausible. Here is more detail;
