Nutrien Ltd. is a Canadian agricultural company selling crop nutrients, crop protection products, seeds, fertilizers, potash products, nitrogen solutions and sulfates, among others. The company has a dual listing in Toronto and New York, but regardless of which exchange you choose to look at, the share price is down by more than 60% from its 2022 record.
Apparently even Russia’s aggression against Ukraine couldn’t keep crop prices rising forever. After the initial supply shock, they began to normalize, which led to a 20% sales decline at Nutrien in 2023 and another, albeit smaller one, in 2024. The company has managed to remain profitable, however, and the stock trades at less than 13 times earnings. Does this mean that we can expect a rebound in 2025?
Similar Elliott Wave setups occur in the Forex, crypto and commodity markets, as well. Our Elliott Wave Video Course can teach you how to uncover them yourself!
Based on Nutrien’s daily price chart, it definitely looks like it. It reveals that the crash from over $117 to under $44 a share can be seen as a complete A-B-C zigzag correction. The five sub-waves of wave C are marked (1)-(2)-(3)-(4)-(5), where wave (5) looks like an ending diagonal pattern. Note that waves (1) and (4) came close to overlapping, which would’ve been an invalidation of the Elliott Wave rules, but didn’t really overlap.
If this count is correct, we can expect a notable bullish reversal in Nutrien stock soon. The positive outlook is also supported by a strong bullish MACD divergence between waves (3) and (5) of C. The only thing we don’t like is the company’s relatively high debt load, which could become problematic down the road, if profitability remains subdued.
In our Elliott Wave PRO subscriptions we provide analyses of Bitcoin, Gold, Crude Oil, EURUSD, USDCAD, USDJPY and the S&P 500 every Sunday and Wednesday! Check them out now!
