Re: VALE, it appears that we have reached the minimum price target of $14-15. Sean, how do you see the wave count on the current uptrend?
It's clear to me that we've completed the a-b-c downtrend and we're into the next uptrend. However, at this point, its hard for me to tell if we're in a long wave 1 or if its more progressed than that. However, what we do know is that the price is getting very far extended away from its 200-week moving average and therefore runs the risk of a very large % pullback. The price could cut in half and still be at its 200-week moving average. Therefore, if I were up on it a lot, I'd be inclined to either take 100% of my profits off the table OR sell half and keep half of the shares if my breakeven (after the shares were sold) was still low enough to protect the remainder with a stop. In this case, I'd likely do that former and not the latter.