Should go lower, at least to 120/118
Month: March 2011
CCO update. $24.50
Cameco’s target remains the same. $22.50 is perfect, but we would raise the $24 (I want to do this trade) level to $24.50, just in case the lower boundary line stops the drop from going that far.
We are now at about the 3 mile island level disaster, a 5 on this scale. Americans are buying iodine pills and the Chinese are hording salt. In Germany they want to shut down their 17 reactors, or at least not refurbish them as planned. The Chinese have put some of their plans of building 20/40 or so new ones on hold. Here in Canada a slight leak from the Bruce station has become front page news. The mood is clearly not favoring this stuff but at the same time no one has a good answer as to where is the energy going to come from. There is no known alternative.
S Sprint Nextel, precise update.
So far, so good. Applying the following rules/guidelines:
1. The “thrust” more or less equal to the “mouth”.
2. Waves C and A are often equal either absolutely or as vectors.
3. The top often occurs perpendicularly above the “apex”.
4. C must be a five wave move (all C waves are!), see red.
……. we get a precise target of about $8 in about 4 to 5 months. Time will tell!
By the way, these triangles are very reliable patterns. The G-whatever intervention against the Japanese Yen came at the exact time that it should have, see a few entries ago.
CCO
Looks like wave 3 is complete, wave 4 and 5 still to come. If it reaches $24 remains to be seen, structure is more important than the price target. Will keep an eye on it!