The enclosed hourly chart of Mosaic (MOS) shows the second and final downleg of the February-May correction off of the 88.68 bull market high that originated at 37.68 in July 2010.

If my pattern and momentum work proves accurate, then after its May 12 low at 66.50, MOS started a powerful recovery period that has as its first objective 70.00/60 and then 72.00/50.

At this juncture, renewed weakness that breaks today's low of 67.15 will argue for a full-fledged retest of 66.50.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.