Well seen YLJ - I missed the H&S but it is sometimes hard to...

Well seen YLJ - I missed the H&S but it is sometimes hard to 'see the wood for the trees'! I saw the break of a downtrend on the RH shoulder with a probable move up to resistance at $30 to make a cup and handle type pattern with a target of $37.50. I bought on the probability of that pattern so PME has been kind to me. The H&S would suggest an even higher target (but I'm expecting a bit of a pullback at $37.50. While last week put price back in an uptrend on the weekly, there is no valid uptrend along 3 troughs yet. That trendline is expected to be confirmed along the lower boundary. of the shaded possible rising price channel. The upper boundary coincides well with the target level, further reinforcing it.
I'm a bit lost with Elliott Wave on PME. I previously thought the high marked '3' on the chart was actually the end of Wave 5 but looking at this again I think price is probably on Wave 5 (sub-wave 3 of W5?). Anyway that all look good and suggest a long term target for a top around $47.50 (but a long way off so needs to be confirmed by future price action). PME could turn into a good long-term hold (I'm short to medium hold usually)