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.
For value investors the above metrics are irresistible. After all where can you get a stock that pays a dividend of 5.5%, has a p/e below 7 and has a lot of value as it is already down almost 60% this year and some 75% since the highs of $26+ From an EW perspective this is a very dangerous stock. The A-B-C rebound since the lows Dec. of 08, exactly into the Fibo ratio of 61.8, almost guarantees a new low below the levels of 08.
These guys do specialty chemicals, often used in fertilizers etc. Here is the chart;
Not to be confused with Canaccord. This one is a sell simple because we are so close to the double top level, always a good spot to sell. But just as importantly the entire move from the ‘09 lows looks like a wedge.
CF is one of a handful of independent investment-dealers, merchant bank type of outfit still remaining. Sprott Inc, that went public about 4 years ago is another one and, despite their high exposure to gold and other such end-of-the-world products are still trading 20% under their issue price. CF has a nicer cleaner chart, it is the one we have seen a thousand times now; a big down-leg, followed by an A-B-C B-wave as a retracement. Next is the next down-leg, already well advanced. A further drop to about $8 is the first target. Ultimately look for a price below $3.