Year: 2009

PEY.UN Update March 24.

Hamilton

We recommended this stock at around $6.50, basically on a buy it now type of recommendation. It made another slightly lower low a few days later. This stock is an absolute “model” ewaver in that it does everything precisely as it should. Here is the chart.

PEY.un March 24

Notice that there is a clear triangle, that it breaks the channel (green) but stays very precisely in the new channel red. Also the low occurs right under the apex at a level that corresponds with the triangle’s mouth. As this one is so well behaved it should go to the high point of e $10 or right to the top at $13. Time will tell.

It is, by the way, possible to count this one without the triangle, however that requires a failed 5 of 3 with wave 4 equal to wave c in the triangle. Then 5 down to the low. This would target $11 as a minimum so it is mostly academic.

TSE , S&P , NASDAQ , DAX and NIKKEI

Hamilton

TSE March 24

spx march 24

Nasdaq march 24

DAX march24

Nikkei March 24

Here we have the whole lot. From TSE to S&P to Nasdaq and then overseas to DAX and Nikkei. All charts are similar but as you go down the list the idea of a triangle moves from a perfect fit to less likely in the case of the Nikkei. Anyway after yesterday it is clear that we are not going to get that little leg down that  would make it conclusive. Not that surprising seeing that just about everything looks like a buy. RY in the meantime is up almost $12 from the low just under $26, all of this in two weeks.

On the TSE we are entering a corrective up wave that typically retraces at least 38% (10400), often 50% (11250)  and or 68% (12135).  That does not mean that we might not first get a little pull back but for the time being one should try to be long. Some segments of the market are already up 20% or so, whereas others have not budged that much (Sherritt f.i.). By the way, BBD.B made the 30% sell point and so did BAC.