The usual then and now charts, then being a year ago (Dec 7, 2012). It was indeed a buy and it did double from that point. It has gone up in 5-waves and therefore should drop , at least, to about $20. After that it remains to be seen if a new bull market had started –possible a wave 5 if we got the count wrong – or part of a complex correction. We have no idea and are therefore out.
It did not stop precisely at the trend-line, but then a slight throw-over is pretty normal. So here we are, 5 waves up in C of the larger A-B-C that is, at least as far as we can tell , an unmistakeable B-wave. That B-wave is then most likely the B in a very large 7 to 10 year irregular flat. The C is supposed to drop below the low point of the A, which is at about $26. I am quite sure that there is not a single reader of this blog that will put any credence into this prediction but that just happens to be the beauty of it all.
Every self-respecting conservative and well diversified portfolio should have at least a solid chunk of LVS in it. Today, Dec. 13 of 2013 is as good a day as any to have a good look at this stock. Like so many others it appears close to completing an A-B-C rebound from the lows of almost zero. It is also quickly approaching the 62% Fibo level which often defines retracement levels. It trades at a very modest p/e of 29+ X. We think it is high time to take your chips off the table.
This is the US $ chart as I cannot seem to get the Canadian one. For almost two years we have viewed this stock as a good short. We still do. It trades at a p/e of 37 and has just had a minor palace revolution. The EW count on this stock, as shown, is probable correct given its simplicity. Assuming that it is, it should now be in the beginnings of wave 3 of C, on its way to $40 (4th wave of previous degree), or $30 where the retracement would be about 62%. This would fit nicely for those that would like to view this simple as a large 4th wave which, of course, should not overlap with what would than be the top of wave 1, also at $30.
The argument that we have just completed a triangle wave 4, and should now “thrust” up to about $100 is not very credible in our opinion. The retracement is not deep enough and the subdivisions of the 5 legs in the triangle are not clearly 3-wave structures.
Previous blogs are under LLU. The chart structure is essentially identical to that of the FTSE below except that the respective legs are in a different phase.