The usual then and now;
Then was in January of this year and now is yesterday. As you can see the main feature in the old chart is the wedge shaped “diagonal triangle” in EW lingo. The very same structure that we recently pointed out exists in the Dow, the S&P and the Nasdaq. We were not perfect being a dollar or two too early but certainly a lot better than the technical editorial in the Globe & Mail that was looking for $37 (provided $24.50 did not break). The dive so far appears to be a first wave followed by a wave two, putting us presently in wave 3. Judging by the RSI and MACD things may be – temporarily – overdone. Ultimately these structures are resolved by a drop back to the base, roughly $17. No guarantee that it will stop there, as in the big picture the stock should retrace the entire B-wave, that is make a new low below $11!