Shoppers held the $37 level more or less (see previous comments) and appears to have completed a flat for a B in (at least) an A-B-C up. Next logical target would be around $45 and then, perhaps $50 (the highest point of the triangle).
F, Ford.
Red, Green or Yellow? This was one of our best calls. The initial target was $9 with a very high level of certainty, (back to the top of the wedge). After that $15/17 for wave 4 of previous degree. At this point we have no idea whatsoever, the stock could continue to the usual 50/60% retracement levels or a lot further if we are in a real bull market. Paradoxically ,you would not touch this stock if you are long-term bullish. A schematic representation of a real bull would look something like the green chart. Before we go up a solid pull-back in wave 2 should normally be anticipated; these typically retrace the 60+% and therefore it would not be surprising to see the stock first trade at about $7. In a bear market the stock could easily continue to about $23. This is yellow, stay out the risk/reward ratio does not warrant a position.
COP. Conoco Phillips
Another “integrated” oil company that is , in all respects, identical to Royal Dutch except that the retracement here is a near perfect 61%. Also the intervening b-wave in the retracement appears to be a “megaphone”.
RDSa, Royal Dutch and the Can.$$ (CDW)
So what do Royal Dutch and the Canadian dollar have in common? Oil! Royal Dutch goes back a long way (Bataafsche Petroleum Maatschappij N.V.) and is presently one of two of the largest integrated oil companies. The Canadian dollar is now a petro-dollar as they say, so , presumable what is good for one is good for the other and v.v..
On the left is the Can.$ with its 5th wave up from around 78. This wave is clearly a wedge, an ending pattern that invariable will retrace to its origin or below 93. On the right is Royal Dutch with an equally clear B-wave, close to the usual 61% retracement, c=b etc. etc. Time to exit both. First lets see if the stuff itself agrees; It does.
