pbartashevich
Long

CPG - Major break retest 75% gain

NYSE:CPG   CRESCENT POINT ENERGY CORP
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Hello Friends,

This is complementary idea to long term CPG idea (linked).
Yesterday, CPG has completed Reciprocal AB=CD pattern and produced a bullish daily candle. I believe that correction from $4.46 to $3.33 is over now and CPG is ready to rally to its next target at around $6.21. That would be a retest of once major support break. It also coincides with potential Bat pattern D point at 0.886 fib.

This move should give about 75% profit.

See details on a chart.

If you have any questions feel free to ask in comments.

Good luck!
Trade active: Added to position.
Comment: Inverted AB=CD structure failed. BUT the whole idea for this rally is still alive. Just C point will be at lower Fibonacci level. Also price may be seeking for double bottom pattern. I am slowly adding to position (added today again). And will continue accumulating dips below $3. Should be fine by end of this year well above $4.46.
Comment: Just want to update on the process. It looks like we printed C point of our potential Bat and heading towards D point. Confirmation comes when B point is broken but positions can be made at any time, given the hammer shape of monthly candle.
Comment: CPG is holding nicely today. Added more to my position and will keep adding over time below $3 NYSE price.
Comment: Added more today below $3. Will keep adding below $3.
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