Ballard Power update (BLDP)

Here is the back link to my previous post on BLDP but the short summary is that I called it a buy at $1.20, a sell in the 5s (even though I acknowledged that it could be premature with one more wave up to go).  Both of those were good calls, both based on a wave count.

So now I see another wave count and it is an entry point.  After peaking into wave 1 up, I now see a 5-3-5 back down to support at the inclining orange line and so I am counting this as wave 2.  I didn't bother to put the a-b-c labels in there because it is so obvious.

This chart implies that oil could be bottoming because Ballard makes fuel cells and it often moves in sympathy with energy.  If this count is correct then I expect a higher high than the prior high of $8.40.  If you are looking for something to treat as a nonexpiring call option, here you go.  They have 37mn cash, only 11mn debt and a current cash burn of 13mn per year.  I think their cash will easily take them to profitability and they are working with the likes of Volkswagon to bring fuel cell powered vehicles to market. This is still years off but it's a story that will sell if oil prices go back up along with gold.

Besides, the waves say it's ready to bounce and so who cares about the "fundamentals" since they are unknown and unknowable anyhow.