Potash is down another $9 or so since our last blog. We are not yet at an ideal target but we would not want to outstay our welcome either. Here or at about $18 a neutral stance is warranted even if we believe the stock might drop all the way to $10 or even lower. All the requirements of a large a-b-c and a 5-wave sequence in that c wave have been met. Even the 5th wave, shown on the right has the right number of subdivisions (but RSI is not yet oversold).
Farm income has dropped to about 55% of what it was in 2013. Potash is bought when there is money, not when it is needed, so there is no reason to get bullish.