This stock got slammed from its recent earnings, it actually doubled its profits from the quarter before. Personally I think the move was a bit dramatic, but nonetheless the decline actually works out much better for those traders that are patiently waiting in the wings to pick this up for much lower prices. The current rally from the 2016 lows appears to be in 3 waves and fits perfectly for a large 4th wave of an impulse wave, that started from the 2013 highs.

I am working the idea of a large zigzag correction from the 2008 highs, so new lows would be wave [5] of a large C wave, ideally a move under $4.50 is seen to finally end this suspected impulse wave as well as end a larger zigzag pattern from the 2008 highs.

When you overlay Crude oil with this stock it does not take a genius to work out that until Crude oil puts in a major low, this stock is likely to be treading water and following Crude oil lower. Which incidentally would offer a great buying opportunity lower down once Crude oil finally puts in its respective 5th wave.

Stick this stock on your wish list as I think this could be a terrific buy once Crude oil finally puts in a major bottom and starts its ascent to much higher levels.

“It is always darkest just before the Day dawneth” –¬†Thomas Fuller

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