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Kibae Park/kibae park The Globe and Mail

AES Corp. declined from $24 (U.S.) to $4.80 (A-B), had a recovery rally to $15.44 (C), a decline to about $9 (D), a rally to the long-term falling trendline (E) and another decline to $9 (F) where it found support once again. The subsequent rise to $14.01 (G) signalled the breakout from a bullish W formation (dashed lines – C-D-E-F-G) and the breakout above a falling trendline (dotted line). The rise also easily moved above the previous resistance area at $12-$13 (E). Only a decline below about $11.75 would suggest additional base-building is required.

Point & Figure measurements provide targets of $16 and $18.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. ( Ron Meisels is a contributor to the website. They may hold shares in companies profiled. Please see the site for a glossary.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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