See the Dec 1 blog. The charts is repeated on the left, reality now is on the right, if only they all behaved this well! The A – B – diagonal C is what we have seen on many stocks, and if not that then similar structures. They are all ready to cave in but still not doing it. The Dow has gone beyond the point where it should have stopped, not yet sure how to account for that!

These charts are from Dec 1!

and the big picture;

It is not the goal of this website to predict the future, all it aims to do is to articulate the Elliotte waves. This one is rather obvious. In our previous blog we were looking for a rebound of about $10 to $41, the stock was at about $31. It went a few dollars deeper but the target remains valid, perhaps as high as $42. These markets lately seem to work on an-all-or-nothing basis and exceed all moderate expectations in both directions.

CNQ is like so many others, except a little clearer even. You have to look at the chart and then it is not that difficult to conclude that , if this stock were actually to regress to the mean, it could easily make it to $10 . In fact, it is not far-fetched at all as regressing to the mean is as normal as the sun rising in the morning.

In EW terms it gets pretty compelling. The rally after the lows of March is ,without a doubt, an A-B-C shown in a stylized way to make the point. It has given back almost 40% of its value and about 60% of the rally. It may go a little lower just to get to the B-wave level but should get a solid bounce soon (decent here means almost $10). Then the regression will continue! A sell at $41 if it gets there!