A sell. This company makes all sorts of wonderful things like Roundup, Agent Orange and a lot of “engineered” seeds, such as draught resistant corn. On that basis it should , perhaps, be a buy but the chart points in the other direction. There is a very nice wedge, complete as is, which must be either a 5th wave or a C. In this case a C is the only possibility so we will go with that.
See our April blog. The stock was at $36 and we opined that it should go back up to $43 (it went to $42) and then down again to $32, or lower. So far so good. When things are not working out we put an American at the helm. We will see if that changes anything.
At the $0.55 low an argument could be made that the correction is over, but the wave structure is by no means clear. This is pure speculation and obviously there is not much left between here and zero so on that score chances are a little better for some rebound.
Either the count as shown is correct , or the actual top occurred in 2008. It does not matter one bit at this point, it should go down given the near perfect wedge. All the talk about this company was within the context of Agrium to which it apparently is a competitor of sorts, at least in nitrogen production. A minimum target on this one is just under $120, so down roughly $100. And that is a minimum! See also previous blog on this stock.