KTB: Pulling back In II before next rally
|Kontoor Brands Inc., (KTB) is a lifestyle apparel company, which designs, manufactures, procures, markets & distributes denim, apparel & accessories under Wrangler, Lee & Rock & Republic Brands globally. It operates through mainly Wrangler & Lee. It comes under Consumer cyclical sector & trades as “KTB” ticker at NYSE.
KTB made all time low at $12.90 on 4/03/2020 during global selloff in early 2020. Thereafter it made a higher high sequence, which ended at $69.16 high as I red. While below there, it favors correction of II against April-2020 low before upside resumes.
KTB – Elliott Wave latest daily view
It started impulse cycle from 4/03/2020 low. It placed ((1)) at $22.43 high on 4/09/2020, while ((2)) at $13.53 low as dip correction against ((1)). While above $13.53 low, it started third wave of third wave extension & favored ended at $55.49 high on 3/18/2021. ((4)) was 0.236 retracement of ((3)) as shallow correction & ended at $45.23 low. Finally, it ended ((5)) at $69.16 high on 5/06/2021 as I red. While below there it favors double correction lower in II towards $38.34 – $24.17 area before upside resumes.
Below ATH of $69.16, it placed ((W)) at $46.31 low & ((X)) at $61.24 high on 11/16/2021. Below ((X)) high, it favored ended (A) & (B) at $51.85 high. While below there, it favors further weakness in (C) of ((Y)) towards equal leg area to end II correction before upside resumes or at least 3 swing bounce thereafter. We like to buy the extreme areas in blue box when reached.
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