Elliott Wave Analysis of MasterCard (MA)
|Whilst it's above $238.65 the trend can continue to push a bit higher to end wave [5] of a large impulse wave (5 wave advance) from the Dec 2018 low. A similar pattern is also developing on Visa (V). The move from the Dec low is important as the completion of a 5 wave decline could end a much larger impulse wave (5 wave advance) from the all-time low made back in 2006.
An impulsive decline below $238.00 - 235.00 would be the first sign to potentially argue the upside for wave [5] had ended. The large RSI divergence on the monthly is also supportive that the current rally from the Dec low is likely a 5th wave of an impulse wave that started from the 2006 low.
Note:
The clear patterns on many stocks from the Dec 2018 low can also provide clues to the INDU and SPX.
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.