[Vale] update

In the backlink it was the same situation as PBR; I was looking for an a-b-c pullback to conclude with a double bottom.   Of course, that did not happen and of course, the EW model knew immediately when it did. There was none of this business about sliding down the slope of hope.  Hope is not a gambling strategy.  

In any case, the Vale chart is aligned with other commodity charts in terms of wave structure.  We should be getting very near the bottom of this wave.  In fact, it's possible that I am off by one wave below.  In other words, green 3 could well be the bottom.  I'm being conservative here.

Vale, like other commodity plays, is down almost 90% from its peak.  This is in fact a great depression for commodities.  Please do not forget this!  Commodities will never be free.  People will never stop consuming.  They can speed up consumption for a time and slow down for a time but there is a mean consumption over time that will never stop. 

Because these shares have been rammed into the Earth, they will skyrocket as soon as the market perceives the deflationary foot being removed from its neck.  The minimum EW bounce here should be to the 38.2% fib which in this case is $16.62 from the bottom.