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.
You should have been out somewhere above $19.25 and below $20.75, and if that did not work you should have been stopped out at $18. Lets just call it 50% (from $13) up in a very short period of time.
The actual low was at $11.50 so it travelled about $9.25 so it has already lost more than 60% of that gain. It could well be a buy again at around these levels but for the moment we would prefer the sidelines as this could be a 5-wave structure just as easily as an a-b-c correction to an otherwise upward trend. Principled investors investors could buy here with a tight stop.