July 6th we mentioned this company as an intermediate buy at around $8. It got to about $8.36 or so and given the indicated target at that time of $9.50 perhaps it was bought. Today that trajectory seems to be panning out quite well, here is the chart;

Around $9.50 would be a good exit point as that is a 50% retracement. The c=a , and the 61.8% retracement levels are at about $9.75. After that the stock could dive again so keep a running stop.

This company has a complex structure as it operates in the States but is traded here. It is comparable to an income fund US style with IPCs and other wonderful instruments. Anyway, from an EW perspective none of that matters. Here is the chart.

The move from the lows is clearly corrective, most likely an a-b-c. The implication, of course, is either that we are going to get a much longer and/or more complex correction, or this was it. Either way , some day we should make a lower low. However, in the meantime this may be a good trading vehicle. At around $8 the stock is a buy with a target of at least $9.50 or so. The important thing here is that you are paid well during the carry and perhaps this analysis is wrong and we go much higher. Use a tight stop.