Morgan Stanley (MS) favors downside in double correction
|Morgan Stanley (MS), a financial holding company provides various financial products & services to corporations, governments, financial institutions & Individuals in the Americas, Europe, Middle East, Africa & Asia. It operates through Institutional Securities, Wealth Management & Investment management services. It is based in New York, US, comes under Financial services sector & trades as “MS” ticker at NYSE.
As mentioned in previous article, MS favors weakness in (A) of ((Y)) in wave II correction & expect weakness to continue below wave 2 high of $91.82. It favors lower in wave 3 of (A) & expect sideways to lower.
MS – Elliott Wave view From 04.04.2023
From October-2008 low, it ended (I) as impulse at $59.38 high & (II) at $27.20 low in Super Cycle. It placed I at $109.73 high in Cycle degree & favors pullback in ((Y)) of II in double correction in weekly before upside resumes in III of (III). Below wave I high, it placed ((W)) at $72.05 low in 3 swing sequence. It placed ((X)) at $100.99 high on 2.14.2023 in 3 swing bounce. Below ((X)) high, it favors lower in ((Y)) leg, which confirms, when breaks below ((W)) low & extend lower towards $63.21 – $39.86 area as weekly blue box to finish II correction before upside resumes.
MS – Elliott Wave latest weekly view
It placed 1 of (A) at $81.72 low & 2 at $91.82 high. Below there, it favors lower in wave 3. It placed ((i)) at $81.61 low & favors bounce in ((ii)), which fail below wave 2 high to resume lower in ((iii)) of 3. It expects (A) to finish between $77.59 – $72.06 area before start bouncing in (B) of ((Y)). Alternatively, it may unfold as (W) instead of (A) in 3 swings sequence from ((X)) high as double correction in ((Y)) wave. (W) also expects to find support between $77.59 – $72.06 area before a bounce in (X). Later, it resumes lower in (Y) of ((Y)) towards weekly blue box area to finish II correction. In either the case, it expects weakness to continue.
MS – Elliott Wave latest daily
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