DOW JONES : Monsanto Co.'s (MON) fiscal fourth-quarter loss widened as the world's largest seed company saw corn and cotton seed sales decline. Looking ahead, the company predicted full-year earnings of $4.18 to $4.32 a share. On average, analysts polled by Thomson Reuters predicted $4.38.
While a few days removed from the report, the long term chart of Monsanto shows a perfect corrective elliott channel and IMO, price has reached significant levels of interest. Furthermore, the wave count is mature. While the possibility does exist for further upside, it appears to be limited.
Should price continue to expand significantly beyond the typical targets associated with practicing the Elliott Wave Principal, and move outside of the corrective channel, it would be reasonable to question the overall interpretation and seek alternate wave labeling.
Note: Additional fib clusters also lie around the $109 - 110 level.
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Price is finally moving in the direction that I anticipated. Confirming a 5 wave decline from $92.2 would be constructive and supportive of wave interpretation. Also, price has no business above the 10/12 high if this count is correct.
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