I use EW but find this chart pretty difficult to label.
It's fair to say (1) & (2) are done and I'm calling that the long base from 2013 through to 2016. To me, I think we're still working through (3) but my best guess on this is we are in early 5 of (3). Fifth waves in commodity based shares can often be very good runs so pretty bullish on the wave count at current read. It's not a perfect set-up as the RSI is over-bought on both weekly & monthly and nothing to write home about on daily either, so wouldn't surprise if it came back a bit before heading up.
See how it goes really, EW is a much more powerful tool for index's than individual shares but even so it gives good perspective as companies work through their various cycles.
AVZ Price at posting:
33.3¢ Sentiment: Buy Disclosure: Held
