Elliott Wave Analysis of PNA

by Michael Gable

From its lows in July, PNA appears to be attempting a 5 wave rally. At the moment it is in its 4th wave. We can be confident about this because usually the 3rd wave is the strongest, which appears to be true. Also, the rule of alternation states that if the 2nd wave is simple (which it is), then the 4th wave would be complex. And so far this is also the case. By definition it needs to not go lower than the second wave which is indicated by the solid horizontal line. So the lowest point we want to see PNA head back to is the solid line. On the upside, it has potential to rally to the $2.60 resistance level. This enables traders to clearly calculate their risk/reward.


 

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Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.