In our previous blog we expressed the view that this stock, having been unable to get back up to the $56 level of the 4th wave, might be ready to start the next leg down. On second thought we have to acknowledge that may not (yet) be the case. The a-b-c correction may just be one half of the correction that may get more complex. That scenario would fit better with the energy group. Perhaps Dick Cheney can use his many charming ways to support the stock a little longer.
The XEG in Toronto looks very similar, even has a higher resolution. Here are then & now charts;
