MAT: Expect short term downside to continue before rally resumes
|Mattel, Inc. (MAT), a children’s entertainment company, designs & produces toys & consumer products worldwide The company operates through North America, International & American Girl segments. It is based in El Segundo, CA, comes under Consumer Cyclical sector & trades as “MAT” ticket at Nasdaq.
MAT made a low of $6.53 during March-2020 sell off in the market. Later it showing impulse sequence as I red ended at $26.99 high on 5/04/2022. While below there, it favors correcting lower in II correction before turning higher again.
MAT – Elliott Wave latest daily view
After March-2020 low, it placed ((1)) at $9.44 high & ((2)) at $7.54 low. ((2)) was a flat correction retraced 0.618 Fibonacci retracement against ((1)). While above there, it unfolded in third wave extension. It ended ((3)) at $23.31 high on 4/23/2021 low. Below there, it favored ended ((4)) at $17.95 low on 10/04/2021. ((4)) was ended slightly above 0.382 Fibonacci retracement of previous sequence. Finally, it ended ((5)) at $26.99 high on 5/04/2022 as wave I red. While below there, it favors correcting lower in II in proposed zigzag correction.
Below wave I high, it placed ((A)) at $21.07 low on 5/24/2022 & ((B)) at $24.20 high as triangle on 9/12/2022. While below there, it favors lower in ((C)) leg to finish II correction. Currently, it favors lower in (1) of ((C)) & expect short term weakness before a bounce in (2) followed by further downside in (3). It expect ((C)) to extend towards $18.23 – $14.54 area to finish II correction before upside resumes. It expect to resume upside either in III or at least a larger 3 swings reaction higher hitting the extreme areas.
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.