[CJES] update

In pretty much any commodity thing I look at right now I count an EW bottom near.   They seem to be targeting the end of this month for a major bottom.



For newer readers, the short story is I don't know shit about CJES's business other than that it is a leveraged fracking driller.  Still, I call the W3 bottom not perfectly but pretty darned well as you can see in this post.  That was my 2nd shot at it. When the first one broke the triggers to the downside I stepped back and prepared another count per below.  The actual bottom dipped to around $9.10.




I knew that the target should be about $20 (the level of the prior 4th) and I annotated the above chart accordingly.  As the bounce proceeded, I provided the chart below which said that the bounce was not the start of a new bull (have to get down to 5 in order to have a shot at that) and that the next move down would be rapid.



My most recent model is per below.  Here is the backlink.  You can see that red 4 did not quite reach to $20 but it does appear a good deal like the model.  So hopefully this will give good confidence that the current smackdown panic selling wave is wave 5.

The downside target was $3.25 (the bottom of the red circle) and I modeled that it would happen quickly.  I still feel that it is too early in the larger down cycle for CJES to go BK.  That means that the panic out of these shares is likely premature.  In fact, it may never go BK!

Here's the deal folks.  Yellen now has to decide if she wants to support the currency or support the markets.  If she decides to support the currency, it is actually the right thing to do for the people.  But she is probably fearful of getting dragged out in the street and shot in the face for collapsing the stock markets.  So maybe Yellen just opens a line of credit to the industry, thus having the American people backstop all of these individual company loans.  They did it before during the 2008-2009 crash.  If they announce something like this then these could reverse upwards at an alarming rate.

I don't know what the reason will be but I see this bottoming very soon and when it does the target for this bounce is red 4 meaning $19.




With all this in mind, here is my latest count.  It suggests one more wave down is possible before the bottom (that's the blue primary count).  However, It's also possible that pink1 is not just 1 of 5 but in fact the entire final motive wave.  4 may also go sideways for a day or two.  No matter what I see a reversal in early September for all commodities.  BTW that chart is supposed to say CJES even though it appears CKS.