Unfortunately this website’s subscriber fees are such that I cannot afford very detailed charts, only that part which is free. So do not put too much weight on the following.    It looks like we are either in a 4th wave triangle or a b-wave triangle. Given the expectation that the stock could get to almost $10, the 4th wave triangle makes more sense but then it should result in a thrust up not much later than tomorrow. If a b-wave it is hard to see how it will get to that target as $6.75 would seem more appropriate. In any event, be patient.

Just days after Rio Tinto (NYSE: RIO ) put expansion plans for its massive Oyu Tolgoi project in Mongolia on hold after being told approval of the plans would need parliament’s assent — and that wouldn’t happen anytime soon because it was in summer recess — the prime minister said the miner doesn’t need the governing body’s imprimatur and the work can proceed as scheduled.

From Yahoo finance. See what a little frolicking on horseback – no saddle – can do.

Short-term analysis using EW can be a little difficult due to the dearth of data points , so far so good so we will hazard an educated guess. Wave 3 of one (or A) was completed this morning right on the open. All action during the day was wave 4 and Tuesday we will do wave 5 of one – most of that will already be done in the US as they are open Monday. This should take us above $6  Then wave 2 (or B) back to $4.50 or so and then the next leg up. In the mean time rumours have it that the great-great-grandson of Genghis Kahn has challenged the CEO of Rio Tinto (or a substitute if he so chooses) to a friendly pony horse race across the Mongolian steppes. He will lose ,of course, and if he can keep his head, he will, as that is what local etiquette demands. This will lead to a new budding friendship and all the minor flies in the ointment will be removed and Mongolia will prosper for years to come. This stock will flie once again.

Here we are through $4, briefly. Something I never do, I did today. I bought a small position at $4.195. Time will tell.