This American oil fund ( a limited partnership to be more precise), has tracked oil quite nicely as well. The wedge is quite clear here as well even though the count is anything but convincing. Furthermore the triangle wave B, in the A-B-C correction may not be a triangle at all. Glossing over those niceties the overall take from this chart is that oil could drop further to where this fund will trade at around $32, by that time the loss will also be just shy of 30%.
Cameco just kept going (but did not quite reach the original target), but I thought it was a buy at around $24,50 or so. So we are essentially flat on the trade. I still think this one will go to $30 as a minimum, and it should do it fast. The count may be wrong, it may just be 5 down but the end result is the same. Time will tell.
I fully expect that is you own this stock at $3 (say), you could make a dollar or even two profit, perhaps a lot more. Even so, as I am missing a 5th wave, I would recommend exiting the position early rather than later. In the end everything is about the conservation of capital!
It is pretty hard to be wrong , even for just a little while, I hope. TRE , CCO and RIM, all three played games one way or another but all are at or around recommended levels.RIM is particularly interesting having dropped about 62% from the high in March. We may not like Mr. Fibonacci but he is everywhere!
If there is a problem counting a move, invariable you can rely on this formula, 5 is normal, next stop is 9, 13, 17 etc. etc.(remember the old formula regarding spaces between trees, n-1) , all are still 5 wave moves. Next stop, I hope,$42. This was an extended 5th wave., which typically retrace to the top of wave 2 of 5.