Afrimat used to be a one-way steam train but the stock has lost its momentum since peaking at an all time high in April of 2022. A 43% bear market saw the stock decline from 7647 to 4366 cps.
What we have seen from the 4366 low is a sequence of higher highs and higher lows with strong overlaps in the price swings. From an Elliott Wave perspective, this is consistent with a leading diagonal. This leading diagonal is in its fifth and final wave so I am anticipating a three wave pullback before looking to join the bulls.
For this outlook to remain valid, the correction must terminate above 4366.