Stock Pick: MEG Update (May 14, 2011)

Figure 1: MEG Price Chart

Here is an update for my previous analysis of MEG. Last time I made a recommendation for a buy around P2.28. But unfortunately, we were swing trap around the wave b. Anyway if my analysis is correct we are now on the possible end of wave 2. Wave 2 price usually retraces between 50% and 78.6% of wave 1. At its current price location MEG is now definitely a BUY.