These guys use the acronym for British Thermal Units as their ticker symbol , quite appropriately as they mine coal, a lot of coal. Here is the chart;
They first thing that stands out from this chart is the absolutely perfect B-wave rebound from the lows of ‘09.The symmetry is remarkable accurate to the very minute detail, adding confidence to the big picture count that we believe is operational for this stock and many others. So far the loss from the rebound high is about 50% but there is more to come.
For those that are versed in the Head & Shoulder pattern the symmetry is not quite as good but nevertheless impressive. I believe that methodology calls for a low equidistant from the parallel of the neckline, which would be around $10. The detailed chart supports this possibility;
The count leaves a few things to be desired, but the triangle , in a manner of speaking, anchors, the sequence to some extent. We should now be completing an a-b-c rebound that has already gone beyond the upper channel line and could continue to the top of the triangle, roughly $50. By that time , or even before that, the c will equal the a (like right now) and wave 5 can start (or 4 continues as a triangle and then 5 starts).
